
3034 Chapter 4
Quiz
•
Mathematics
•
University
•
Practice Problem
•
Medium
Christi Hayne
Used 2+ times
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5 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The balance sheet is useful for analyzing all of the following except
Liquidity
Profitability
Solvency
Financial Flexibility
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the correct order to present current assets?
cash, inventories, prepaid items, accounts receivable.
cash, accounts receivable, inventories, prepaid items.
cash, inventories, accounts receivable, prepaid items.
cash, accounts receivable, prepaid items, inventories.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Major limitations of the balance sheet include all of the following except:
it necessarily omits many items that are of financial value but cannot be recorded objectively.
only amounts known with absolute certainty are reported.
most assets and liabilities are reported at historical cost.
judgments and estimates are used to determine many of the items reported.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following pairings of an item and a basis of valuation is incorrect?
Prepaid expenses – Cost.
Receivables – Lower-of-cost-or-market.
Cash – Fair value.
Short-term investments – Generally Fair value.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is not an element of owners’ equity?
Treasury stock.
Accumulated capital.
Capital stock.
Retained earnings.
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