1. Accounts receivable is classified as: 2. A delivery truck owned by the delivery company is...
1. Accounts receivable is classified as:
2. A delivery truck owned by the delivery company is classified as:
3. Accounts payable is classified as:
4. A note payable due in 10 years is classified as:
5. A machine owned by a manufacturing company is classified as:
6. Land owned by a manufacturing company is classified as:
a. Current Asset
b. Current Liability
c. Noncurrent Asset
d. Noncurrent Liability
Homework Answers
1. Accounts receivable is classified as Current Asset because these assets are used in one year
2. Delivery trucks are classified as Non-Current Asset because these assets are used more then 1 year. It is kind of a long term investment which will benefit them in future.
3. Account payable is classified as Current Liabilty because these assets are used within one year.
4. Land is classified as Non-Current Asset.
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