Selected information from a company's balance sheet follows: $\begin{array}{ll} \text { Long-term debt } & \$ 40 \\ \text { Retained earnings } & 30 \\ \text { Current assets } & 150 \\ \text { Property, plant, and equipment } & 60 \\ \text { Common stock } & 130 \\ \text { Currentliahilities } & 50 \end{array}$ Working capital amounts to

A) $150 B) $130 C) $120 D) $100 A) $150 B) $130 C) $120 D) $100

Exam 4: The Balance Sheet and the Statement of Changes in Stockholders Equity

Obligations that are not expected to require the use of current assets or the creation of other current liabilities within one year or the normal operating cycle, if longer than a year, are called

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

Which of the following is least likely to be included in long-term liabilities?

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(Multiple Choice)

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Question 2

Correct Answer:

Verified

Which of the following is not included in comprehensive income?

Free

(Multiple Choice)

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Question 3

Correct Answer:

Verified

The quantity of goods or services produced in a given period or the physical capacity of the operating assets used to produce goods or services are measures of

(Multiple Choice)

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Question 4

GAAP disclosures for fair value measurements now require that fair value measurements using Level 3 inputs include all of the following except

(Multiple Choice)

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Question 5

Which of the following is not a characteristic of a liability?

(Multiple Choice)

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Question 6

Which of the following is typically recorded at its present value?

(Multiple Choice)

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Question 7

The ability of a company to adapt its resources to create change and react to change is called

(Multiple Choice)

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Question 8

The measurement of an asset's value that considers the discounted future cash inflows (and outflows)relating to the asset is called the

(Multiple Choice)

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Question 9

Which is a component of stockholders' equity?

(Multiple Choice)

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Question 10

Which of the following formulas represents working capital?

(Multiple Choice)

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Question 11

Which of the following is not a limitation of the balance sheet?

(Multiple Choice)

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Question 12

All of the following are examples of subsequent events that would be disclosed in the footnotes to the financial statements except

(Multiple Choice)

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Question 13

A reader of a set of financial statements would expect to be able to find in the statement of changes in stockholders' equity

(Multiple Choice)

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Question 14

Changes in the separate stockholders' equity accounts can be disclosed in all of the following ways, except

(Multiple Choice)

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Question 15

To be recognized in the financial statements, an item must meet the definition of an element and be

(Multiple Choice)

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Question 16

If the owners' equity at the end of the accounting period is greater than the owners' equity at the beginning of the accounting period, the firm's

(Multiple Choice)

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Question 17

Listed below are the five alternatives identified by the FASB for measuring balance sheet elements.Following the list is a series of balance sheet elements. Required: Match each measurement alternative to its balance sheet element by placing the appropriate letter in the space provided.

(Essay)

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Question 18

Selected information from a company's balance sheet follows: Long-term debt \ 40 Retained earnings 30 Current assets 150 Property, plant, and equipment 60 Common stock 130 Currentliahilities 50 Working capital amounts to

(Multiple Choice)

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Question 19

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

Process of recording and reporting an element in the financial statements.

financial position

Economic resources less economic obligations.

resource structure

Ability of a company to use its financial resources to adapt to change.

financial structure

Correct Answer:

Verified

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.

(Matching)

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Question 20

Showing 1 - 20 of 78

Exam 4: The Balance Sheet and the Statement of Changes in Stockholders Equity

Obligations that are not expected to require the use of current assets or the creation of other current liabilities within one year or the normal operating cycle, if longer than a year, are called

Which of the following is least likely to be included in long-term liabilities?

Which of the following is not included in comprehensive income?

The quantity of goods or services produced in a given period or the physical capacity of the operating assets used to produce goods or services are measures of

GAAP disclosures for fair value measurements now require that fair value measurements using Level 3 inputs include all of the following except

Which of the following is not a characteristic of a liability?

Which of the following is typically recorded at its present value?

The ability of a company to adapt its resources to create change and react to change is called

The measurement of an asset's value that considers the discounted future cash inflows (and outflows)relating to the asset is called the

Which is a component of stockholders' equity?

Which of the following formulas represents working capital?

Which of the following is not a limitation of the balance sheet?

All of the following are examples of subsequent events that would be disclosed in the footnotes to the financial statements except

A reader of a set of financial statements would expect to be able to find in the statement of changes in stockholders' equity

Changes in the separate stockholders' equity accounts can be disclosed in all of the following ways, except

To be recognized in the financial statements, an item must meet the definition of an element and be

If the owners' equity at the end of the accounting period is greater than the owners' equity at the beginning of the accounting period, the firm's

Listed below are the five alternatives identified by the FASB for measuring balance sheet elements.Following the list is a series of balance sheet elements. Required: Match each measurement alternative to its balance sheet element by placing the appropriate letter in the space provided.

Selected information from a company's balance sheet follows: Long-term debt \ 40 Retained earnings 30 Current assets 150 Property, plant, and equipment 60 Common stock 130 Currentliahilities 50 Working capital amounts to

The Environment of Financial Reporting

Financial Reporting: Its Conceptual Framework

Review of a Companys Accounting System

The Income Statement and the Statement of Cash Flows

Additional Aspects of Financial Reporting and Financial Analysis

Cash and Receivables

Inventories: Cost Measurement and Flow Assumptions

Inventories: Special Valuation Issues

Property, Plant, and Equipment: Acquisition and Disposal

Depreciation and Depletion

Intangibles

Current Liabilities and Contingencies

Long-Term Liabilities and Receivables

Investments

Contributed Capital

Earnings Per Share and Retained Earnings

Income Recognition and Measurement of Net Assets

Accounting for Income Taxes

Accounting for Postemployment Benefits

Accounting for Leases

The Statement of Cash Flows

Accounting for Changes and Errors

Time Value of Money Module

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