ACCT 3310 Ch.5

ACCT 3310 Ch.5

University

20 Qs

quiz-placeholder

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ACCT 3310 Ch.5

ACCT 3310 Ch.5

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Frederick Mason

Used 4+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Why is the SFP classified?

To assist with analysis and ratio calculations.

To match categories on the cash flow statement.

To comply with securities regulation.

To address the economic entity principle.

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The SFP should allow users to

assess a companies financial structure

evaluate liquidity and solvency

calculate important ratios (e.g. current ratio).

all of the above are correct.

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

SFP classifications and titles are strictly defined by IFRS.

True

False

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

All of the following are typical asset classifications except:

Goodwill

Short term Investments

Property Plant and Equipment

Intangibles

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Current assets and liabilities are normally realized/due within one year.

True

False

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Current assets are generally listed

in alphabetic order.

from largest to smallest.

in order of liquidity.

by function or nature.

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Some short term investments can be categorized as cash equivalents.

True

False

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