An expected refund from the IRS would be classified on the balance sheer as a(n)
A. accounts receivable
B. notes receivable
C. other receivable
D. other payable
Answer: C. other receivable
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An example of intangible personal property is a flat screen television.
a. true b. false
Match each of the following with the appropriate definitions
a. Statement of cash flows b. Balance sheet c. Income statement d. Statement of changes in shareholders' equity _____ 1. A financial statement that presents assets, liabilities, and shareholders' equity. _____ 2. A financial statement that presents revenues minus expenses to show either a profit or loss. _____ 3. A financial statement that presents the changes in shareholder's equity for an accounting period. _____ 4. A financial statement that presents all the cash collected and all the cash disbursed during an accounting period. _____ 5. A financial statement that reports the financial position of the company at a point in time.