Question

In each of the following situations, identify the element or elements, if any, that would appear in financial statements. If no element is recognized, give the reason.
1. Unpaid electricity bill.
2. A patent on a new invention developed by a firm.
3. Professional development courses taken by employees at the company’s expense.
4. Unissued common shares of a company that will likely be issued for cash next year.
5. A partially completed consulting project for a client.
6. The expenses of a lawsuit against the company.
7. Customer goodwill as indicated by a high percentage of satisfied return customers
8. A reputation for high- quality products.
9. Cash received from a customer for work to be done next year.
10. A Mercedes- Benz limousine leased for the company CEO.



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  • CreatedFebruary 17, 2015
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