On a partner's personal statement of financial condition, assets and liabilities are presented: I. As current...

Question

Question

On a partner's personal statement of financial condition, assets and liabilities are presented: I. As current...

On a partner's personal statement of financial condition, assets and liabilities are presented:

I. As current and noncurrent.
II. In order of liquidity and maturity.

Multiple Choice

I
Incorrect
II
Neither I nor II
Both I and II

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

On a partner's personal statement of financial condition, assets and liabilities are presented II.In order of liquidity and maturity., thus the answer is:

II

Add a comment

Answer 2

Similar Homework Help Questions

In the computation of a partner's Loss Absorption Potential (LAP), which of the following statements is...

In the computation of a partner's Loss Absorption Potential (LAP), which of the following statements is incorrect? I. The computation of LAPs for all partners allows cash to be distributed before all partnership assets have been sold and all creditors have been paid. II. The computation of LAPs for all partners indicates the relative strength of each partner's net capital position so that available cash is distributed in respective loss-sharing ratios. II Both I and II I Neither I nor...
Statement I: Non-current assets (or long-term assets) can consist of both depreciable and non-depreciable assets. Statement...

Statement I: Non-current assets (or long-term assets) can consist of both depreciable and non-depreciable assets. Statement II: Depreciation is the allocation process of the cost of an asset (property or equipment) to expense over its useful life, in a rational and systematic way. Both statements are incorrect Both statements are correct Statement 1 is correct; statement 2 is incorrect Statement 1 is incorrect; statement 2 is correct
Presented below is the adjusted trial balance of Indigo plc at December 31, 2022. Prepare a classified statement of financial position as of December 31, 2022. (List Current Assets in reverse order of liquidity.)

Presented below is the adjusted trial balance of Indigo plc at December 31, 2022. Prepare a classified statement of financial position as of December 31, 2022. (List Current Assets in reverse order of liquidity.)

Question 24. IAS 1 Presentation of Financial Statements normally requires that an entity presents assets and...

Question 24. IAS 1 Presentation of Financial Statements normally requires that an entity presents assets and liabilities split between those that are current and those that are non-current. Which of the following statements is true when this classification is not provided in the statement of financial position by a reporting entity? The classification must be disclosed in the notes Assets and liabilities should be presented broadly in line with their liquidity Assets and liabilities should be presented in order of...
1) How is working capital calculated? a. current assets * current liabilities b. current assets minus...

1) How is working capital calculated? a. current assets * current liabilities b. current assets minus current liabilities c. current assets plus current liabilities d. current assets / current liabilities 2) Which of the following evaluates data over a period of time? a. ratio analysis b. financial analysis c. vertical analysis d. horizontal analysis 3) Which of the following applies to ratio analysis? a. it uses financial statement data from the same accounts and compares it to different years b....
The classified balance sheet for a company reported current assets of $1,688,830, total liabilities of $800,540,...

The classified balance sheet for a company reported current assets of $1,688,830, total liabilities of $800,540, Common Stock of $1,010,000, and Retained Earnings of $131,260. The current ratio was 2.6 What is the total amount of noncurrent assets? Multiple Choice $252,970 $649,550 $547,570 $888,290

Husain, Inc.'s income statement and other financial information for the current year is presented below. Hussain,...

Husain, Inc.'s income statement and other financial information for the current year is presented below. Hussain, Inc. Income Statement For the year ended December 31 Sales revenue Cost of goods sold Gross profit Selling, general and administrative expenses Operating income Interest expense Income before taxes Income tax expense Net income $229,131 78,360 150,771 14,885 135,886 4,947 130,939 4,814 $126,125 Balance sheet information: Current assets Noncurrent assets Current liabilities Long-term debt $257,000 514,000 64,000 128,000 Required: a. Perform vertical analysis of...
$ 65 Cash Accounts receivable Inventory Total assets Current liabilities Noncurrent liabilities es us us uses...

$ 65 Cash Accounts receivable Inventory Total assets Current liabilities Noncurrent liabilities es us us uses un $ 850 $ 325 What is the amount of working capital? Multiple Choice O $200 O $245 O $180 O $380
6.Which statement is not true? a.Disclosures related to receivables are reported in the financial statement notes....

6.Which statement is not true? a.Disclosures related to receivables are reported in the financial statement notes. b.Cash and cash equivalents are the first items reported under Current assets. c.Current assets are normally reported in order of their liquidity. d.All receivables that are expected to be realized in cash beyond 265 days are reported in the Noncurrent assets section.

Which of the following statements is incorrect concerning balance sheets prepared under IFRS and GAAP? A)...

Which of the following statements is incorrect concerning balance sheets prepared under IFRS and GAAP? A) The same elements are used in preparing balance sheets under both GAAP and IFRS. B) Under IFRS stockholders' equity is listed before liabilities, while under GAAP liabilities are listed before stockholders' equity. C) Under GAAP assets are usually listed in increasing order of liquidity, while under IFRS assets are usually listed in decreasing order of liquidity. D) Under GAAP current items are presented first,...

On a partner's personal statement of financial condition, assets and liabilities are presented: I. As current...

Homework Answers

Add Answer to:
On a partner's personal statement of financial condition, assets and liabilities are presented: I. As current...

Post as a guest

Earn Coins

In the computation of a partner's Loss Absorption Potential (LAP), which of the following statements is...

Statement I: Non-current assets (or long-term assets) can consist of both depreciable and non-depreciable assets. Statement...

Presented below is the adjusted trial balance of Indigo plc at December 31, 2022. Prepare a classified statement of financial position as of December 31, 2022. (List Current Assets in reverse order of liquidity.)

Question 24. IAS 1 Presentation of Financial Statements normally requires that an entity presents assets and...

1) How is working capital calculated? a. current assets * current liabilities b. current assets minus...

The classified balance sheet for a company reported current assets of $1,688,830, total liabilities of $800,540,...

Husain, Inc.'s income statement and other financial information for the current year is presented below. Hussain,...

$ 65 Cash Accounts receivable Inventory Total assets Current liabilities Noncurrent liabilities es us us uses...

6.Which statement is not true? a.Disclosures related to receivables are reported in the financial statement notes....

Which of the following statements is incorrect concerning balance sheets prepared under IFRS and GAAP? A)...

On a partner's personal statement of financial condition, assets and liabilities are presented: I. As current...

Homework Answers

Add Answer to: On a partner's personal statement of financial condition, assets and liabilities are presented: I. As current...

Post as a guest

Earn Coins

Add Answer to:
On a partner's personal statement of financial condition, assets and liabilities are presented: I. As current...