A characteristic common to banks, utilities, and transportation is that: a. each has a uniform system of accounts established by a federal regulatory agency b. Presentation of balance sheet accounts are in order or liquidity c. None are subject to rules of the FASB d. All maintain separate sections for debt and equity on the balance sheet e. None of the traditional financial ratios apply to these industries
A characteristic common to banks, utilities, and transportation is that: a. each has a uniform system of accounts established by a federal regulatory agency b. Presentation of balance sheet accounts are in order or liquidity c. None are subject to rules of the FASB d. All maintain separate sections for debt and equity on the balance sheet e. None of the traditional financial ratios apply to these industries
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please provide answer of this question
Transcribed Image Text:A characteristic common to banks, utilities, and transportation is that:
a. each has a uniform system of accounts established by a federal regulatory
agency
b. Presentation of balance sheet accounts are in order or liquidity
c. None are subject to rules of the FASB
d. All maintain separate sections for debt and equity on the balance sheet
e. None of the traditional financial ratios apply to these industries
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education