False
Explanation:
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. There can be cases of a single liability being divided between current and non-current as part of it may be paid within one year and rest may be payable on a long term basis.
A single liability cannot be divided between current and non current liabilities. True False
Answer the following (True or False): 1. Current liabilities divided by current assets gives the current ratio: 2. The quick ratio is the same as the current ratio except that, in the quick ratio, the accounts receivable are not included in the current assets: 3. The total liabilities to total equity ratio is one of several long-term solvency ratios. 4. High financial leverage is indicated by a low debt to equity ratio 5. A company may have a net income...
The liquidity ratio that consists of current assets divided by current liabilities is called the current ratio. True or False
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
According to the atomic theory, atoms cannot be divided into parts. True False According to the law of multiple proportions, two elements can form two different compounds having the same mass ratio. True False According to the law of definite proportions, all water would contain the same ratio (by weight) of oxygen to hydrogen. True alse Mass is conserved during a chemical or physical process True False A molecule is the smallest part of a compound which has all the...
Show all work please. DIPIUL 2 True/False 7 points each. Circle the correct answer. 4. A single liability cannot be divided between current and noncurrent liabilities. True False A liability may exist even if there is uncertainty about whom to pay, when to pay, how much to pay. True False 6. Multiple Choice 5 points each. Circle the correct answer. 57. A. B. A contingent liability is Always of a specific amount A potential obligation that depends on a future...
Declaring dividends often creates a current liability. True False
Which of the following statements is TRUE? A) The current ratio is current assets divided by current liabilities. B) Total asset turnover is net income divided by total assets. C) The cash coverage ratio equals cash divided by current liabilities. D) The quick ratio equals current assets - current liabilities divided by current liabilities.
Non-current assets are any liabilities that are used in the operations of a business. TRUE:☐ FALSE:☐ 2. The cost of an asset includes all normal and reasonable expenditures necessary to get it in place and ready for its intended use. TRUE:☐ FALSE:☐ 3. Depreciation is the process of allocating the cost of a tangible asset in a rational and systematic manner over the asset's estimated useful life. TRUE:☐ FALSE:☐ 4. Residual value is an estimate of an asset's value at the end of...
1. The quick ratio, measured by current assets less inventories divided by current liabilities, is also referred to as an "acid test" ratio and provides a measure of a company's ability to meet current obligations. a. True b. False 2. Shorter-term cash budgets, in general, are used for actual cash control while longer-term budgets are used primarily for planning purposes. a. True b. False 3. A just-in-time system of inventory control requires that manufacturers coordinate production with suppliers so that...
1. Deferred taxes may be classified as either current or non-current under IFRS. True or false 2 Under the liability approach, deferred taxes on the balance sheet are valued at the tax rate in that will be in effect when the temporary differences reverse. True or false 3. During the originating period of a temporary difference, pretax accounting income is defined as taxable income plus taxable amounts minus deductible amounts. true or false 4. Amanda Company sold an asset and...