Account Classifications Practice Problem - ACCT 2050, University of Minnesota--Twin Cities

in Topic 1 (Problem 2 of 5)

Moderate

For each account listed below, choose its classification:

	Account	Classification
1	Accounts Payable Correct Incorrect
2	Accounts Receivable Correct Incorrect
3	Advertising Expense Correct Incorrect
4	Bonds Payable Correct Incorrect
5	Building Correct Incorrect
6	Capital Stock Correct Incorrect
7	Cash Correct Incorrect
8	Common Stock Correct Incorrect
9	Cost of Goods Sold Correct Incorrect
10	Depreciation Expense Correct Incorrect
11	Dividends Correct Incorrect
12	Service Fees Earned Correct Incorrect
13	Income Tax Expense Correct Incorrect
14	Interest Expense Correct Incorrect
15	Interest Payable Correct Incorrect
16	Interest Revenue Correct Incorrect
17	Inventory Correct Incorrect
18	Investments Correct Incorrect
19	Land Correct Incorrect
20	Notes Payable Correct Incorrect
21	Notes Receivable Correct Incorrect
22	Preferred Stock Correct Incorrect
23	Prepaid Advertising Correct Incorrect
24	Prepaid Insurance Correct Incorrect
25	Prepaid Rent Correct Incorrect
26	Rent Expense Correct Incorrect
27	Retained Earnings Correct Incorrect
28	Salaries Payable Correct Incorrect
29	Sales Revenue Correct Incorrect
30	Service Revenue Correct Incorrect
31	Supplies Correct Incorrect
32	Unearned Revenue Correct Incorrect
33	Utilities Payable Correct Incorrect
34	Wages Expense Correct Incorrect

	Click Here to View All Topic 1 Problems at Once	View
1	Matching Basic Vocabulary	Easy
2	Account Classifications You are here.	Moderate
3	Solving for Net Income	Moderate
4	Tying the Statements Together	Moderate
5	Solving for Retained Earnings	Hard

1	The Accounting Equation	3:02
2	Assets vs Liabilities	5:32
3	Shareholder's Equity	5:26
4	The Balance Sheet	5:52
5	The Statement of Retained Earnings	5:51
6	The Income Statement	6:19
7	The Statement of Cash Flows	6:02
8	How the Statements Work Together	9:02

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