INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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Chapter 3, Problem 3.8BE
Financial statement disclosures
• LO3–4
For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) the summary of significant accounts policies or (B) a separate note: (1)
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QUESTION 8:
"Cash restricted for retirement of long-term debt" should be reported under which section of the
statement of financial position?
a. Non-current assets.
b. Current assets.
c. Non-current liabilities.
d. Current liabilities.
Question 15
An auditor is required to confirm accounts receivable if the accounts receivable balances are:
Older than one year
Material to the financial statements
Smaller than expected
Subject to valuation estimated
t27
Chapter 3 Solutions
INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Define current assets and list the typical asset...Ch. 3 - Prob. 3.4QCh. 3 - Prob. 3.5QCh. 3 - Prob. 3.6QCh. 3 - Describe the common characteristics of assets...Ch. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Define the terms paid-in-capital and retained...
Ch. 3 - Disclosure notes are an integral part of the...Ch. 3 - A summary of the companys significant accounting...Ch. 3 - Define a subsequent event.Ch. 3 - Prob. 3.14QCh. 3 - Prob. 3.15QCh. 3 - Prob. 3.16QCh. 3 - Prob. 3.17QCh. 3 - Show the calculation of the following solvency...Ch. 3 - Prob. 3.19QCh. 3 - Prob. 3.20QCh. 3 - (Based on Appendix 3) Segment reporting...Ch. 3 - Prob. 3.22QCh. 3 - Prob. 3.23QCh. 3 - Current versus long-term classification LO32,...Ch. 3 - Prob. 3.3BECh. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Financial statement disclosures LO34 For each of...Ch. 3 - Calculating ratios; solving for unknowns LO38 The...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Prob. 3.3ECh. 3 - Prob. 3.9ECh. 3 - Financial statement disclosures LO34 The...Ch. 3 - Prob. 3.13ECh. 3 - FASB codification research LO32, LO34 Access the...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.22ECh. 3 - Prob. 3.1PCh. 3 - Prob. 3.2PCh. 3 - Communication Case 31 Current versus long-term...Ch. 3 - Analysis Case 32 Current versus long- term...Ch. 3 - Prob. 3.4DMPCh. 3 - Prob. 3.9DMPCh. 3 - Prob. 3.11DMPCh. 3 - Prob. 3.15DMPCh. 3 - Ethics Case 316 Segment reporting Appendix 3 You...Ch. 3 - Prob. 3.17DMPCh. 3 - Prob. 2CCTC
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- Question 39 An auditor is required to confirm accounts receivable if the accounts receivable balances are: Older than one year Material to the financial statements Smaller than esxpected Subject to valuation estimatesarrow_forward8. Discount on Note Payable should be classified as a a. current asset b. contra account to Notes Payable c. part of stockholder's equity d. deferred debtarrow_forward22 - Which of the following accounts is not included in the opening record? A) linked securitiesB) net profit for the periodC) accumulated depreciationD) long term Bank loansE) ordinary income and profitsarrow_forward
- Question 4 of 18 Which of the following is not an acceptable balance sheet presentation of receivables? Select the correct response O trade notes receivable are combined with trade accounts receivable cash advances to officers which are due after one year but within the entity's 18-month operating cycle, are reported as current assets the allowance for bad debts is not offset against the related receivables but rather shown in a parenthetical notation as deduction to receivables unearned finance charges included in the face amount of receivables are presented as deduction from the related receivables ( Previousarrow_forwardGeneral accounting viiarrow_forwardQuestion 10 of 18 Which of the following increases the reported receivables in the financial statements? Select the correct response: a credit balance in an account payable offsetting a credit balance in an account receivable O adjustment to eliminate a debit balance in account payable a credit balance in an allowance account < Previousarrow_forward
- For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) the summary of significant accounts policies or (B) a separate note: (1) depreciation method; (2) contingency information; (3) significant issuance of common stock after the fiscal year-end; (4) cash equivalent designation; (5) long-term debt information; and (6) inventory costing method.arrow_forwardDogarrow_forwardQUESTION 14 The current portion of long-term debt would appear on the balance sheet as a. long-term debt. b. long-term liability. c. current asset. d. current liability.arrow_forward
- Question 3 Explain the following accounting terms used in the preparation and presentation of published financial statements: Reserves Earnings per share Debenture interest Share premiumarrow_forwardSagararrow_forwardQuestion 9 of 18 Trade receivables are preferably presented on the face of the statement of financial position Select the correct response: as a separate line item distinguished from other receivables as part of current assets, included and undistinguished from other assets as part of one line item, included and undistinguished from other receivables as part of one line item but distinguished from other receivables ( Previousarrow_forward
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