Select your language

Suggested languages for you:
Log In Start studying!
Answers without the blur. Just sign up for free and you're in → Illustration

Q7(15)PSA

Expert-verified
Financial & Managerial Accounting
Found in: Page 154
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.

A. Current assets

B. Long-term investments

C. Plant assets

D. Intangible assets

E. Current liabilities

F. Long-term liabilities

G. Equity

15. Store supplies

The correct answer is A. Current assets.

See the step by step solution

Step by Step Solution

Definition of Supplies

Supplies are the material used by the operations or production department of the organization in the production process, supplies may or may not be directly identifiable in the final production.

Reason of choice

Supplies are used in the production process in the period in which it is purchased. Hence, supplies should be disclosed under the current asset section of the balance sheet.

Most popular questions for Business-studies Textbooks

Icon

Want to see more solutions like these?

Sign up for free to discover our expert answers
Get Started - It’s free

Recommended explanations on Business-studies Textbooks

94% of StudySmarter users get better grades.

Sign up for free
94% of StudySmarter users get better grades.