Account Classification

question 127

Essay

Account classification.ASSETS LIABILITIES AND CAPITAL Using the letters above, classify the following accounts according to the preferred and ordinary balance sheet presentation.1. Bond sinking fund2. Common stock dividend distributable3. Appropriation for plant expansion4. Bank overdraft5. Bonds payable (due 2017)6. Premium on common stock7. Securities owned by another company which are collateral for that company's note8. Equity investments (trading)9. Inventory10. Discount on bonds payable11. Patents12. Unearned rent revenue

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Definitions:

Low-Context Culture

A culture in which communication is expected to be explicit and direct, with less reliance on unspoken context.

Etiquette

A set of conventional rules and customs for polite behavior in social or professional settings.

Collectivist Culture

A social framework in which individuals prioritize the needs and goals of the group over their own personal desires or ambitions.

Power Distance

A cultural dimension that describes the extent to which less powerful members of society accept and expect power to be distributed unequally.