Use the Following Code to Classify the Accounts Listed Below

question 69

Short Answer

Use the following code to classify the accounts listed below by the appropriate balance sheet category:
a.Asset
b.Liability
c.Shareholders' equity
______ 1.Cash
______ 2.Accounts receivable
______ 3.Common stock
______ 4.Office computers
______ 5.Office supplies
______ 6.Accounts payable
______ 7.Factory equipment
______ 8.Salaries payable
______ 9.Accumulated depreciation
______ 10.Interest receivable

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Definitions:

Nominal

Refers to a type of variable that represents categories with no intrinsic order or ranking.

Ordinal

A scale of measurement where numbers represent ordered categories that have a meaningful sequence, but the intervals between the categories are not necessarily equal.

Ratio Scales

Ratio scales are a type of measurement scale that not only have order and equal intervals but also have a true zero point, allowing for the calculation of ratios.

"True" Zero

A point on a scale of measurement that represents a complete absence of the property being measured, as opposed to a mere baseline or reference point.