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An item which may be converted to cash within one year or one operating cycle of the firm is classified as a?
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Cost of inventory should be classified as?
expense
What is a classified balance sheet?
A Classified Balance sheet classifies assets into categories. These categories typically are:Current Assets· Current assets are cash and other resources expected to be realized in cash, sold, or consumed within one year of the balance sheet date or the company's operating cycle, whichever is longer.· Listed on B/S in order of liquidity.-Cash is first, then receivables, then prepaids.· Examples:Long-term InvestmentsLong-term investments are resources that can be converted to cash.Conversion is not expected within one year or the operating cycle, whichever is longer.Examples:Property, Plant and EquipmentTangible resources of a relatively permanent nature used in the business and not intended for sale are classified as property, plant, and equipment.ExamplesIntangible AssetsIntangible assets are non-current resources lacking physical substance.ExamplesA Classified Balance Sheet classifies liabilities into two categories.Current LiabilitiesObligations expected to be• paid from existing current assets, or• by creation of another current liability,within one year/operating cycle, whichever is longer.Long-term Liabilities§ Obligations expected to be paid after one year.
Is a prepaid expense an operating asset?
Yes. the are counted as a non-financial asset.A prepaid expense is a considered an asset because it entitles the company to receive a benefit in the future. They are normally classified as a current assets because usually the benefits will be obtained within a year or a business cycle; whichever is longer.
What is a cash operating cycle?
A Cash operating Cycle is the average time taken to acquire goods and services and convert them to cash in producing revenues
What is operating cycle in accounting management?
Operating cycle is the time which required by the business from acquiring inventory to production and selling of products and generating revenue.
Cost of inventory should be classified as?
expense
The basis for classifying assets as current or non-current is conversion to cash within?
operating cycle or one year, whichever's longer
What is a star and how are they classified?
A star is a large, naturally occurring fusion reactor. Stars are classified by size, content, heat, and position within life cycle.
What is a classified balance sheet?
A Classified Balance sheet classifies assets into categories. These categories typically are:Current Assets· Current assets are cash and other resources expected to be realized in cash, sold, or consumed within one year of the balance sheet date or the company's operating cycle, whichever is longer.· Listed on B/S in order of liquidity.-Cash is first, then receivables, then prepaids.· Examples:Long-term InvestmentsLong-term investments are resources that can be converted to cash.Conversion is not expected within one year or the operating cycle, whichever is longer.Examples:Property, Plant and EquipmentTangible resources of a relatively permanent nature used in the business and not intended for sale are classified as property, plant, and equipment.ExamplesIntangible AssetsIntangible assets are non-current resources lacking physical substance.ExamplesA Classified Balance Sheet classifies liabilities into two categories.Current LiabilitiesObligations expected to be• paid from existing current assets, or• by creation of another current liability,within one year/operating cycle, whichever is longer.Long-term Liabilities§ Obligations expected to be paid after one year.
What has to happen for a process to be classified as a cycle?
If the process repeats itself then it is classified as a cycle.
Is machinery current asset or non current asset?
It is a non-current asset. Here is why: according to the Business Dictionary, a non-current asset refers to something that will not be converted to cash within twelve months, or a resource that will not be consumed or sold within the normal operating cycle of a business. By either definition, that describes machinery.
Is a prepaid expense an operating asset?
Yes. the are counted as a non-financial asset.A prepaid expense is a considered an asset because it entitles the company to receive a benefit in the future. They are normally classified as a current assets because usually the benefits will be obtained within a year or a business cycle; whichever is longer.
What is the mouse classified in the processing cycle?
input
What is operating cycle in accounting management?
Operating cycle is the time which required by the business from acquiring inventory to production and selling of products and generating revenue.
What is a cash operating cycle?
A Cash operating Cycle is the average time taken to acquire goods and services and convert them to cash in producing revenues
What is the operating cycle of a merchandising business?
ambot
The pyruvic acid that accumulates as a result of glycolysis can be converted to?
It is converted into acetyl CoA to be used in Krebs cycle.
