GAAP classifies items on the balance sheet in one of the following ways Asset (A) Liability (L) Shareholders equity (SE) Item that would not appear on the balance sheet as conventionally prepared under GAAP (N A) Using the abbreviations, indicate the appropriate classification of each of the follow...

GAAP classifies items on the balance sheet in one of the following ways: Asset (A) Liability (L)

Question:

classifies items on the in one of the following ways:
Asset (A)
Liability (L)
Shareholders’ equity (SE)
Item that would not appear on the as conventionally prepared under . (N/A)
Using the abbreviations, indicate the appropriate classification of each of the following items. If you can find no basis in the chapter for giving an answer, then speculate.
a. Salaries payable
b. Retained earnings
c. Notes receivable
d. Unfilled customers’ orders
e. Land
f. Interest payable
g. Work-in-process inventory
h. Mortgage payable
i. Organization costs
j. Advances by customers
k. Advances to employees
l. Patents
m. Good credit standing
n. Common stock

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...