202

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.

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.

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…

The following are the typical classifications used in a statement of financial position : a.       Current assets b.      Investments and funds c.       Property, plant, and equipment d.      Investment property e.       Intangible assets f.       Current liabilities g.       Long-term liabilities h.      Issued capital i.        Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter   3.      ………. Unearned rent revenue 4.      ……….. Income less dividends, accumulated 5.      ………. Building, in use

The following are the typical classifications used in a statement of financial position : a.       Current assets b.      Investments and funds c.       Property, plant, and equipment d.      Investment property e.       Intangible assets f.       Current liabilities g.       Long-term liabilities h.      Issued capital i.        Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter 1.      ….  .…….Prepaid insurance 2.      ……….. Note payable due in three months

If a company has asset classes that include short-term and long-term investments, what criteria should they employ to determine if an asset is reported as a cash equivalent or an investment on their classified balance sheet?  Examples needed and support using GAAP

Which of the following statements regarding the balance sheet is true? Group of answer choices A. Any item on the balance sheet labeled a payable is an asset. B. It represents the financial position of a company at a point in time. C. Current liabilities are listed in order of liquidity. D. Equipment is classifed as a current asset.

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.

If a company has asset classes that include short-term and long-term investments, what criteria should they employ to determine if an asset is reported as a cash equivalent or an investment on their classified balance sheet?

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

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.