Matching
Match the following terms with the appropriate definition.
Premises:
A balance sheet that broadly groups items into assets,liabilities and equity.
A ratio that is used to help evaluate a company's ability to pay its short-term obligations,calculated by dividing current assets by current liabilities.
Long-term resources that benefit business operations,usually lack physical form,and have uncertain benefits.
Assets that are held for more than the longer of one year or the operating cycle of the company and are not used in operations.
A balance sheet that organizes the assets and liabilities into important subgroups that provide more information to decision makers.
Cash and other resources that are expected to be sold,collected,or used within one year or the company's operating cycle,whichever is longer.
Tangible assets that are long-lived and used to produce or sell products or services.
Obligations due to be paid or settled within one year or the operating cycle of a business,whichever is longer.
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue,expense,and dividends accounts to the permanent retained earnings account.
The owners' claims on the assets of a company.
Responses:
Stockholders' equity
Intangible assets
Current ratio
Current liabilities
Closing entries
Plant assets
Long-term investments
Current assets
Unclassified balance sheet
Classified balance sheet
Correct Answer:
Premises:
Responses:
A balance sheet that broadly groups items into assets,liabilities and equity.
A ratio that is used to help evaluate a company's ability to pay its short-term obligations,calculated by dividing current assets by current liabilities.
Long-term resources that benefit business operations,usually lack physical form,and have uncertain benefits.
Assets that are held for more than the longer of one year or the operating cycle of the company and are not used in operations.
A balance sheet that organizes the assets and liabilities into important subgroups that provide more information to decision makers.
Cash and other resources that are expected to be sold,collected,or used within one year or the company's operating cycle,whichever is longer.
Tangible assets that are long-lived and used to produce or sell products or services.
Obligations due to be paid or settled within one year or the operating cycle of a business,whichever is longer.
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue,expense,and dividends accounts to the permanent retained earnings account.
The owners' claims on the assets of a company.
Premises:
A balance sheet that broadly groups items into assets,liabilities and equity.
A ratio that is used to help evaluate a company's ability to pay its short-term obligations,calculated by dividing current assets by current liabilities.
Long-term resources that benefit business operations,usually lack physical form,and have uncertain benefits.
Assets that are held for more than the longer of one year or the operating cycle of the company and are not used in operations.
A balance sheet that organizes the assets and liabilities into important subgroups that provide more information to decision makers.
Cash and other resources that are expected to be sold,collected,or used within one year or the company's operating cycle,whichever is longer.
Tangible assets that are long-lived and used to produce or sell products or services.
Obligations due to be paid or settled within one year or the operating cycle of a business,whichever is longer.
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue,expense,and dividends accounts to the permanent retained earnings account.
The owners' claims on the assets of a company.
Responses:
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