Financial Accounting, 8th Edition
Financial Accounting, 8th Edition
8th Edition
ISBN: 9780078025556
Author: Robert Libby, Patricia Libby, Daniel Short
Publisher: McGraw-Hill Education
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Chapter 5, Problem 2P

Matching Definitions with Balance Sheet-Related Terms

Following are terms related to the balance sheet that were discussed in Chapters 2 through 5. Match each definition with its related term by entering the appropriate letter in the space provided.

Terms Definitions

_ (1) Capital in excess of par

_ (2) Assets

_ (3) Retained earnings

_ (4) Book value

- (5) Other assets

_ (6) Shares outstanding

_ (7) Shareholders' equity

_ (8) Liquidity

_ (9) Normal operating cycle

_(10) Current assets

_ (11) Current liabilities

_ (12) Long-term liabilities

_ (13) Fixed assets

_ (14) Liabilities

_ (15) Contra-asset account

_ (16) Accumulated depreciation

_ (17) intangible assets

  1. A. Nearness of assets to cash (in time).
  2. B. Liabilities expected to be paid out of current assets normally within the next year.
  3. C. All liabilities not classified as current liabilities.
  4. D. Total assets minus total liabilities.
  5. E. Probable future economic benefits owned by the entity from past transactions.
  6. F. Debts or obligations from past transactions to be paid with assets or services.
  7. G. Assets expected to be collected in cash within one year or the operating cycle, if longer.
  8. H. Assets that do not have physical substance.
  9. I. Balance of the Common Stock account divided by the par value per share.
  10. J. A miscellaneous category of assets.
  11. K. Sum of the annual depreciation expense on an asset from its acquisition to the current date.
  12. L. Asset offset account (subtracted from asset).
  13. M. Accumulated comings minus accumulated dividends.
  14. N. Property, plant, and equipment.
  15. O. Same as carrying value; cost less accumulated depreciation to date.
  16. P. Amount of contributed capital less the par value of the stock.
  17. Q. The average cash-to-cash time involved in the operations of the business.
  18. R. None of the above.
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Students have asked these similar questions
In a common-size Balance Sheet, all items on the statement are divided by _________. a. total assets b. total liabilities c. net sales d. total shareholders' equity
Which of the following is true about a common size balance sheet? The assets, liabilities, and equities are reported at their market values. The assets, liabilities, and equities are reported as percentages of common stock. The assets, liabilities, and equities are reported as percentages of total assets. O The assets, liabilities, and equities are arranged in the alphabetical order. The assets, liabilities, and equities are reported as percentages of the assets, liabilities, and equities of a competing firm.
Capital structure refers to Select one: a. Total assets minus Liabilities b. Shareholders' equity c. Long-term debt, preferred stock, and common stock equity d. Current assets and Current liabilities

Chapter 5 Solutions

Financial Accounting, 8th Edition

Ch. 5 - Briefly explain the major classifications of...Ch. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 14QCh. 5 - If average total assets increase, but net income,...Ch. 5 - Prob. 2MCQCh. 5 - Prob. 3MCQCh. 5 - Prob. 4MCQCh. 5 - Prob. 5MCQCh. 5 - Prob. 6MCQCh. 5 - Prob. 7MCQCh. 5 - Prob. 8MCQCh. 5 - Prob. 9MCQCh. 5 - Prob. 10MCQCh. 5 - Prob. 1MECh. 5 - Prob. 2MECh. 5 - Prob. 3MECh. 5 - Prob. 4MECh. 5 - Determining Financial Statement Effects of Sales...Ch. 5 - Prob. 6MECh. 5 - Prob. 7MECh. 5 - Matching Players in the Accounting Communication...Ch. 5 - Prob. 2ECh. 5 - Finding Financial Information: Matching...Ch. 5 - Prob. 4ECh. 5 - Preparing a Classified Balance Sheet Campbell Soup...Ch. 5 - Prob. 6ECh. 5 - Prob. 7ECh. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - Prob. 11ECh. 5 - Stock Issuances and the Statement of Stockholders...Ch. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - Prob. 17ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Prob. 1PCh. 5 - Matching Definitions with Balance Sheet-Related...Ch. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Preparing a Classified (Multiple-Step) Income...Ch. 5 - Prob. 6PCh. 5 - Determining and Interpreting the Effects of...Ch. 5 - Determining the Effects of Transactions on Ratios...Ch. 5 - Prob. 9PCh. 5 - Prob. 1APCh. 5 - Prob. 2APCh. 5 - Prob. 3APCh. 5 - Prob. 4APCh. 5 - Prob. 1CPCh. 5 - Prob. 2CPCh. 5 - Prob. 3CPCh. 5 - Prob. 4CPCh. 5 - Prob. 5CPCh. 5 - Prob. 6CPCh. 5 - Prob. 7CPCh. 5 - Evaluating the Impact of Transactions on Statement...Ch. 5 - Prob. 2CC
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