Quiz 03.102 – Terms and Phrases
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Match each phrase with its corresponding description, subsequent events, proxy statement, etc…
Match each phrase with its corresponding description, subsequent events, proxy statement, etc…
Match the given phrases with their corresponding descriptions, related-party transactions, deferred revenues, etc…
Match the given phrases with their corresponding descriptions, default risk, operational risk, etc…
How should the items of long-term investments, property plant and equipment, and accounts receivable be presented on the balance sheet of Ellie’s Antiques as of December 31, 2021?
Under what circumstances would land be classified under the following balance sheet categories: current assets, investments (long-term), property, plant, and equipment, and other long-term assets?
The vertical analysis involves comparing items in a financial statement to a base amount, such as comparing inventory this year to inventory last year to calculate the percentage change.
Liquidity refers to a company’s ability to meet short-term obligations with its current assets.
A payment made on an account does not impact working capital, but it can raise the current ratio if the ratio is already higher than 1.0.
What does the balance sheet report?
What factors can hinder the effectiveness of the balance sheet?