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Which of the following is an assumption made in the preparation of the financial statements? Select one: a. The current market value is assumed to be less relevant than the original cost paid. b. Financial statements are prepared for a specific entity that is distinct from the entity's owners. c. The preparation of financial statements for a specific time period assumes that the balance sheet covers a designated period of time. d. Financial statements are prepared assuming that inflation

Choose the correct. Which of the following items must be disclosed in interim reports?a. Total assets.b. Total liabilities.c. Cash flow from operating activities.d. Gross revenues.

Fair value is used to value which of the following balance sheet accounts? a. Prepaid expenses; patents; property, plant, and equipment b. Capital lease obligations, bonds payable c. Receivables net of allowance for doubtful accounts d. Debtsecurities available for sale, trading securities

6.On a statement of financial affairs, a company's liabilities should be valued at Select one: a.the present value of future cash flows. b.the amount expected to be paid if the company could honor its debts. c.net realizable value. d.the amount required for settlement. e.replacement cost.

Which of the following should be disclosed in the Summary ofSignificant Accounting Policies?a. rent expense amount b. maturity dates of long-term debtc. methods of amortizing intangiblesd. composition of plant assets

Which of the following would an analyst most likely be able to determine from a common-size analysis of a company’s balance sheet over several periods? C . A more effi cient or less effi cient use of assets.

19. The current assets section of the statement of financial position should include *   b. patents. a. machinery. d. inventory c. goodwill.   20. Equity or debt securities held to finance future construction of additional plants should be classified on a balance sheet as *   c. intangible assets. a. current assets. d. long-term investments b. property, plant, and equipment.   21. In a statement of cash flows, receipts from sales of property, plant, and equipment and other productive assets should generally be classified as cash inflows from *   d. selling activities c. investing activities. a. operating activities. b. financing activities.   22. The statement of financial position *   d. All of the choices are correct regarding the statement of financial position. c. Uses fair value for most assets and liabilities. b. Makes very limited use of judgments and estimates. a. Omits many items that are of financial value.   23. The basis for classifying assets as current or noncurrent is…

4. Financial liabilities other than FVPL liabilities are initiallymeasured at fair value plus transaction costs.5. Amortized cost financial liabilities are subsequently measuredat the present value of the cash outflows from the instrument.6. Financial liabilities may be subsequently reclassified betweenthe amortized cost and fair value measurement categories.7. Trade payables and other liabilities that are part of an entity'sworking capital may be presented as current liabilities even ifthey are expected to be settled beyond one year.8. According to PAS 1, a currently maturing debt that the entity'smanagement intends to refinance is presented as noncurrent.9. According to PFRS 15, if an entity expects that a portion of giftcertificates sold will not be redeemed, the entity recognizes theexpected breakage amount as revenue in proportion to thepattern of rights exercised by customers.10. Unearned revenue is revenue that is earned but not yet collected   Please answer this all. Thank you

Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Classification 1. Long-term investment in stock Long-term investments 2. Depreciation expense-Building 3. Prepaid rent (2 months of rent) 4. Interest receivable Current assets 5. Taxes payable (due in 5 weeks) Current liabilities 6. Automobiles Plant assets 7. Notes payable (due in 3 years) 8. Accounts payable 9. Cash 10. Patents Account Title Long-term liabilities Current liabilities Current assets Intangible assets Account Title 11. Uneamed services revenue 12. Accumulated depreciation-Trucks 13. Prepaid insurance (expires in 5 months) 14. Buildings 15. Store supplies 16. Office equipment 17. Land 18. Repairs expense 19. Office…

Choose the correct. On a balance sheet prepared for a company during its reorganization, at what balance are liabilities reported?a. At the expected amount of the allowed claims.b. At the present value of the expected future cash flows.c. At the expected amount of the settlement.d. At the amount of the anticipated final payment.

On a classified statement of financial position, current assets are customarily listed? a. in the reverse order of liquidity O b. in alphabetical order O c. in the order of acquisition O d. with the largest dollar amounts first

Which of the following are examples of subsections found on a classified balance sheet? O a. Liabilities; long-term liabilities; stockholders' equity O b. Stockholders' equity; liabilities; property, plant, and equipment O c. Current assets; long-term liabilities; property, plant, and equipment O d. Assets; current assets; long-term liabilities

(5). Intangible assets are initially recorded at (a). cost (b). expected future value (c). expected present value of expected cash flows (d). present fair value

PROBLEM The balance sheet contains the following major sections: a. Current assets b. Long-term investments c. Property, plant, and equipment d. Intangible assets e. Other assets f. Current liabilities g. Long-term liabilities h. Contributed capital i. Retained earnings j. Accumulated other comprehensive income   _____ 1. Unexperied insurance _____ 2. Idle machinery _____ 3. Unrealized increase in avaiblable for sale securities _____ 4. Land _____ 5. Fund to retire preferred stock _____ 6. Additional paid-in capital on common stock _____ 7. Deferred income taxes-noncurrent _____ 8. Obligation for future pension payments _____ 9. Trademark _____ 10. Unearned ticket sales   Required: Using the letters (a) through (j), indicate in what section the accounts would be classified.

The following are the typical classifications used in a balance sheet:          a. Current assets f. Current liabilities b. Investments g. Long-term liabilities c. Property, plant, and equipment h. Paid-in capital d. Intangible assets i. Retained earnings e. Other assets       Required:For each of the following 2021 balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.)  Interest Payable __ Franchise __ Accumulated Depreciation __ Prepaid Insurance (for 2022) __ Bonds Payable (due in 10 years) __ Current Maturities of Long-Term Debt __ Notes Payable (due in 3 months) __ Long-Term Receivables __ Restricted Cash (which will be used to retire bonds in 10 years) __ Supplies __ Machinery __ Land (used in operations) __ Deferred Revenue (for 2022) __ Copyrights __ Common Stock __ Land (held for speculation) __ Cash equivalents __ Salaries Payable __

Which of the following ratios measures short-term solvency? a. Current ratio b. Creditors' equity to total assets c. Return on investment d. Total asset turnover

Classifying balance sheet accounts For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets, Long-term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-term Liabilities, and Stockholders’ Equity. If the item does not belong on the classified balance sheet, put an X. a. Land (used in operations) b. Accumulated Depreciation—Equipment c. Common Stock d. Service Revenue e. Investment in Starbucks Corporation (to be held long-term) f. Accounts Receivable g. Equipment h. Buildings i. Notes Payable (due in 10 years) j. Unearned Revenue k. Cash l. Accounts Payable m. Prepaid Rent n.Dividends o. Land (held for investment purposes) p. Depreciation Expense