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Classifying Items on a Financial Statement - Multiple Choice

Indicate whether each of the following would be reported in the section of financial statements identified as (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense.

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1. T Three types of businesses that operate for profit are manufacturing, merchandising and service businesses.
2. T
3. F The Institute was incorporated in 1996 under the patronage of Mr. William Dix (former Chairman of Ford and Qantas) and Professor John Miller.
4. F Managerial accounting is used for internal use and for decision making.
5. F Generally Accepted Accounting Principles
6. ...

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