Question

Check my work Listed below are several terms and phrases associated with the balance sheet and financial disclosures. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it. 16.68 points List A | 1. Balance sheet eBook 2. Liquidity 3. Current assets 4. Operating cycle 5. Current liabilities 6. Cash equivalent 7. Intangible asset 8. Working capital List B a. Will be satisfied through the use of current assets. Items expected to be converted to cash or consumed within one year or the operating cycle, whichever is longer. | c. The statements are presented fairly in conformity with GAAP. d. An organized array of assets, liabilities, and equity. Important to a user in comparing financial information across companies. f. Scope limitation or a departure from GAAP. g. Recorded when an expense is incurred but not yet paid. Refers to the ability of a company to convert its assets to cash to pay its current obligations. Occurs after the fiscal year-end but before the statements are issued. Print Reference 9. Accrued liabilities Summary of significant accounting policies 11. Subsequent events 12. Unqualified opinion 13. Qualified opinion j. Period of time from payment of cash to collection of cash. k. One-month U.S. Treasury bill. I. Current assets minus current liabilities. m.Lacks physical substance.

Answer 1

List A List B 1 Balance Sheet d. An organised array of assets, liabilities, and equity h. Refers to the ability of a company to convert its assets to cash to 2 Liquidity pay its current obligation b. Items expected to be converted to cash or consumed within one 3 Current Assets year oe the operating cycle, whichever is longer 4 Operating Cycle j. Period of time for payment of cash to collection of cash 5 Current Liabilities a. Will be satisfied through the use of Current Assets. 6 cash Equivalent k. One-month U.S. Treasury Bill 7 Intangible Assets m. Lacks physical substance 8 Working Capital 1. Current asset minus Current liabilities 9 Accrued Liabilities g. Recorded when an expense is incurred but not yet paid Summary of Significant e. Important to a user in comparing financial information across Accounting Policies companies 11 Subsequent Events i. Occurs after the fiscal-year end but before the statements are issued 12 Unqualified Opinion c. The statements are presented fairly in conformity with GAAP 13 Qualified Opinion f. Scope limitation or a departure from GAAP 10