Solved

Match Each Term with Its Descriptive Statement by Placing the Appropriate

Question 78

Matching

Match each term with its descriptive statement by placing the appropriate letter in the space provided.

Premises:
Process of recording and reporting an element in the financial statements.
Economic resources less economic obligations.
Ability of a company to use its financial resources to adapt to change.
Economic resources, economic obligations, equity, and their relationship to each other at a point in time.
Amount of time until an asset is converted into cash or a liability is paid.
A quantitative measure of the physical productive capacity of an entity.
Major classes and amounts of assets.
Ability of a company to maintain a given physical level of operations.
Major classes and amounts of liabilities and equity.
Monetary value of the net assets.
Responses:
financial position
resource structure
financial structure
liquidity
financial flexibility
operating capability
net assets
financial capital
physical capital
recognition

Correct Answer:

Process of recording and reporting an element in the financial statements.
Economic resources less economic obligations.
Ability of a company to use its financial resources to adapt to change.
Economic resources, economic obligations, equity, and their relationship to each other at a point in time.
Amount of time until an asset is converted into cash or a liability is paid.
A quantitative measure of the physical productive capacity of an entity.
Major classes and amounts of assets.
Ability of a company to maintain a given physical level of operations.
Major classes and amounts of liabilities and equity.
Monetary value of the net assets.
Related Questions

Q68: With all of the turmoil in the

Q69: According to a recent issue of Accounting

Q70: The balance sheet contains the major sections

Q71: The balance sheet contains the major sections

Q72: The following data were taken from

Q73: Individual assets are measured using one of

Q74: A friend of the family has just

Q75: On January 1, 2010, Martinez Corporation

Q76: Match each measurement alternative to its balance

Q77: Match each measurement alternative with its descriptive

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents