Homework Answers
Solution. 1.The correct answer is option C
Explanation: Option A, B, D are identified while recording and publishing balance sheet of an organization during an accounting period. Whereas, value of profit is recorded and transferred to balance sheet from income statement or profit&loss statement of an organization.
2.The correct answer is option D
Explanation: Net assets of an organization are determined by deducting total assets by total liabilities during an accounting period. Other options does not hold true.
3.The correct answer is option B
Explanation: Assets are classified as current or non-current in determining conversion to cash within operating cycle or one year, whichever is longer, to record and analyze true picture of organization's activities and position. Other options does not hold true.
4.The correct answer is option B
Explanation: Option A,C,D are required along with the balance sheet of an organization during an accounting period, for organization to interpret, analyze and decide on different activities and transactions. Whereas, financial forecasts projects financial results in near future for the organization.
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1. The balance sheet is useful for analyzing all of the following except A) liquidity. B)...
Check my work Listed below are several terms and phrases associated with the balance sheet and...
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....
1. Current assets are presented in the balance sheet in A) ascending order of their balances....
1. Current assets are presented in the balance sheet in A) ascending order of their balances. B) descending order of their balances. C) order of their liquidity. D) reverse order of their liquidity. 2. Treasury stock should be reported as a(n) A) current asset. B) investment C) other asset. D) reduction of stockholders' equity. 3. The basis for classifying assets as current or noncurrent is the period of time normally required by the accounting entity to convert cash invested in...
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies...
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies and a. account form of balance sheet services and convert them back into cash. b. accounting cycle Prepared after posting the closing entries to prove the c classified balance sheet equality of the debit and credit balances in the general d. closing process ledger accounts e. current assets A balance sheet with separate categories for current assets; property, plant, and equipment, current f. current...
1. All of the following are reported as current liabilities except a. accounts payable. b. bonds...
1. All of the following are reported as current liabilities except a. accounts payable. b. bonds payable. c. notes payable. d. unearned revenues. 2. The relationship between current liabilities and current assets is a. useful in determining income. b. useful in evaluating a company's liquidity. c. called the matching principle. d. useful in determining the amount of a company's long-term debt. 3. Most companies pay current liabilities a. out of current assets. b. by issuing interest-bearing notes payable. c. by...
Regarding a classified balance sheet, which of the following statements regarding liabilities is incorrect? A. Many...
Regarding a classified balance sheet, which of the following statements regarding liabilities is incorrect? A. Many Notes Payable are long−term. B. Liabilities are listed in the order in which they must be paid C. Current liabilities include Accounts Payable and Unearned Revenue. D. Long−term liabilities must be paid either with cash or with goods and services within one year or the entity's operating cycle, if the cycle is longer than one year.
A company receives an advance payment for special-order goods to be manufactured and delivered within 6...
A company receives an advance payment for special-order goods to be manufactured and delivered within 6 months. The advance payment should be reported on the company's balance sheet as a: a. deferred charge. b. contra-asset account. c. current liability. d. noncurrent liability. 1 points QUESTION 2 Current assets include cash and all other assets expected to become cash or be consumed: a. within one year. b. within one operating cycle. c. within one year or one operating cycle, whichever...
True or False: A liability should be classified on the balance sheet as a "current liability...
True or False: A liability should be classified on the balance sheet as a "current liability when the company expects to decrease or satisfy the liability within one year or the operating cycle, whichever is longer. Select one: True False
E4-38. Compute and Interpret Liquidity and Solvency Ratios Selected balance sheet and income statement information from...
E4-38. Compute and Interpret Liquidity and Solvency Ratios Selected balance sheet and income statement information from Verizon Communications Inc. for 2012 and 2011 follows ($ millions). Total Current Assets - Total Current Liabilities - Income Before Interest and Taxes - Interest Expense, Gross - Total Liabilities - Stockholders’ Equity 2015. . . . . . $22,280 $35,052 $32,974 $4,920 $226,798 $17,842 2014. . . . . . 29,499 27,987 21,379 4,915 218,940 13,676 a. Compute the current ratio for each...
Possible Answers: Match each term or phrase to its description below. Liquidity Whether an item is...
Possible Answers:
Match each term or phrase to its description below. Liquidity Whether an item is large enough to likely influence the decision of an investor or creditor. Constraint that weighs the cost that companies will incur to provide the information against the benefit that financial statement users will gain from having the information available. Obligations that a company expects to pay within the next year or operating cycle, whichever is longer. Information that is complete, neutral, and free from...
TRUE/FALSE. Write 'T' If the statement is true and 'F if the statement is false 1)...
TRUE/FALSE. Write 'T' If the statement is true and 'F if the statement is false 1) A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. 2) Obligations not due within one year are reported as current liabilities. 3) A bond with a par value of $1,000 trading at 101% sells for a premium. 4) An advantage of bond financing is that issuing...
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....
1. Current assets are presented in the balance sheet in A) ascending order of their balances. B) descending order of their balances. C) order of their liquidity. D) reverse order of their liquidity. 2. Treasury stock should be reported as a(n) A) current asset. B) investment C) other asset. D) reduction of stockholders' equity. 3. The basis for classifying assets as current or noncurrent is the period of time normally required by the accounting entity to convert cash invested in...
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies and a. account form of balance sheet services and convert them back into cash. b. accounting cycle Prepared after posting the closing entries to prove the c classified balance sheet equality of the debit and credit balances in the general d. closing process ledger accounts e. current assets A balance sheet with separate categories for current assets; property, plant, and equipment, current f. current...
True or False: A liability should be classified on the balance sheet as a "current liability when the company expects to decrease or satisfy the liability within one year or the operating cycle, whichever is longer. Select one: True False
Possible Answers:
Match each term or phrase to its description below. Liquidity Whether an item is large enough to likely influence the decision of an investor or creditor. Constraint that weighs the cost that companies will incur to provide the information against the benefit that financial statement users will gain from having the information available. Obligations that a company expects to pay within the next year or operating cycle, whichever is longer. Information that is complete, neutral, and free from...
TRUE/FALSE. Write 'T' If the statement is true and 'F if the statement is false 1) A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. 2) Obligations not due within one year are reported as current liabilities. 3) A bond with a par value of $1,000 trading at 101% sells for a premium. 4) An advantage of bond financing is that issuing...
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