Which of the following best describes the term "current assets"?
Which of the following best describes the term "current assets"?
a. Assets expected to be converted into cash within one year or one operating cycle, whichever is longer.
b. The amount of claim that the owners have in the business in the current year.
c. The cumulative profits earned by a business less any dividends distributed in the current period.
d. The amount of total profits earned by a business since it began operations plus all other resources.
Homework Answers
Styles Paragraph 8. Current liabilities are defined as those liabilities which will be satisied a. by...
Styles Paragraph 8. Current liabilities are defined as those liabilities which will be satisied a. by the end of the operating cycle. b. within one year c. within one year or within the operating cycle, whichever is longer. d. within one year or within the operating cycle, whichever is shorter 9. Which of the following is not a component of stockholders' (owners') equity on the Balance Sheet? a. retained eamings b. dividends payable C. capital (common) stock d. All are...
1. The balance sheet is useful for analyzing all of the following except A) liquidity. B)...
1. The balance sheet is useful for analyzing all of the following except A) liquidity. B) solvency. c) profitability. D) financial flexibility. 2. The net assets of a business are equal to A) current assets minus current liabilities. W B) total assets plus total liabilities. C) total assets minus total stockholders' equity. (D) none of these answer choices are correct. 3. The basis for classifying assets as current or noncurrent is conversion to cash within A) the accounting cycle or...
only the final answers plz 1. Which definition below best describes financial accounting? A. Process of...
only the final answers plz
1. Which definition below best describes financial accounting? A. Process of measuring income taxes owed to the government. B. System of maintaining communication with a company's customers and suppliers. C. Procedures designed to enhance the company's image to potential investors. D. Measuring business activities and communicating them to external parties. 2. Liabilities can be best described as: A. The amount of expenses over the past year. B. The amount expected to be distributed to stockholders....
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are:...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are: Multiple Choice o ) Current assets. o ) Current liabilities. o Earned revenues. o Operating cycle liabilities o
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...
Which of the following best describes the relationship between revenue and retained earnings? Multiple Choice A....
Which of the following best describes the relationship between revenue and retained earnings? Multiple Choice A. Revenue represents a cash receipt; retained earnings is an element of stockholders' equity. B. Retained earnings is equal to assets minus expenses. C. Revenue represents the price of goods sold or services rendered; retained earnings represents cash available for paying dividends. D. Revenue increases net income, which in turn increases retained earnings. Which of the following is not a right of stockholders? Multiple Choice...
o ne of the three forms of business organization? Which of the following a Corporations b....
o ne of the three forms of business organization? Which of the following a Corporations b. Partnerships C. Proprietorships d. Investors An advantage of the corporate form of business is that a it has limited life b. its owner's personal resources are at stake. its ownership is easily transferable via the sale of shares of stock. d it is simple to establish 3. Bened Benedict Company compiled the following financial information as of December 31, 2022: Service revenue S1.120,000 Common...
The classification "Current Assets" refers to which one of the following? A measure of current assets...
The classification "Current Assets" refers to which one of the following? A measure of current assets to all current liabilities. The amount of money put aside for a "rainy day." Assets that will be used or consumed within one year or period. 93 The amount of money invested in plant and operations.
13. Which of the following best describes liquidity? A. The ability to increase the value of...
13. Which of the following best describes liquidity? A. The ability to increase the value of retained earnings B. The ability to pay the debts of the company as they become due C. Being able to buy everything the company requires for cash. D. Purchasing everything the company requires on credit. 14. Profitability may be defined as: A. The ability to pay the debts of the company as they fall due. B. The ability to increase retained earnings. C. Distributing...
Which of the following best describes retained earnings? Multiple Choice Cash available for expansion and growth....
Which of the following best describes retained earnings? Multiple Choice Cash available for expansion and growth. Income that has been reinvested in the business rather than distributed as dividends to stockholders. The amount initially invested in the business by stockholders. Cash available for dividends.
Styles Paragraph 8. Current liabilities are defined as those liabilities which will be satisied a. by the end of the operating cycle. b. within one year c. within one year or within the operating cycle, whichever is longer. d. within one year or within the operating cycle, whichever is shorter 9. Which of the following is not a component of stockholders' (owners') equity on the Balance Sheet? a. retained eamings b. dividends payable C. capital (common) stock d. All are...
1. The balance sheet is useful for analyzing all of the following except A) liquidity. B) solvency. c) profitability. D) financial flexibility. 2. The net assets of a business are equal to A) current assets minus current liabilities. W B) total assets plus total liabilities. C) total assets minus total stockholders' equity. (D) none of these answer choices are correct. 3. The basis for classifying assets as current or noncurrent is conversion to cash within A) the accounting cycle or...
only the final answers plz
1. Which definition below best describes financial accounting? A. Process of measuring income taxes owed to the government. B. System of maintaining communication with a company's customers and suppliers. C. Procedures designed to enhance the company's image to potential investors. D. Measuring business activities and communicating them to external parties. 2. Liabilities can be best described as: A. The amount of expenses over the past year. B. The amount expected to be distributed to stockholders....
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are: Multiple Choice o ) Current assets. o ) Current liabilities. o Earned revenues. o Operating cycle liabilities o
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...
o ne of the three forms of business organization? Which of the following a Corporations b. Partnerships C. Proprietorships d. Investors An advantage of the corporate form of business is that a it has limited life b. its owner's personal resources are at stake. its ownership is easily transferable via the sale of shares of stock. d it is simple to establish 3. Bened Benedict Company compiled the following financial information as of December 31, 2022: Service revenue S1.120,000 Common...
The classification "Current Assets" refers to which one of the following? A measure of current assets to all current liabilities. The amount of money put aside for a "rainy day." Assets that will be used or consumed within one year or period. 93 The amount of money invested in plant and operations.
13. Which of the following best describes liquidity? A. The ability to increase the value of retained earnings B. The ability to pay the debts of the company as they become due C. Being able to buy everything the company requires for cash. D. Purchasing everything the company requires on credit. 14. Profitability may be defined as: A. The ability to pay the debts of the company as they fall due. B. The ability to increase retained earnings. C. Distributing...
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