hich of the following is a correct statement? Inventory is not part of the current assets because they are physical in nature. Plant, equipment, building and land are non-current assets, but not fixed assets. Marketable securities such as stocks & bonds are current assets. Cash is the only liquid asset. Physical assets are financed by equity

hich of the following is a correct statement? Inventory is not part of the current assets because they are physical in nature. Plant, equipment, building and land are non-current assets, but not fixed assets. Marketable securities such as stocks & bonds are current assets. Cash is the only liquid asset. Physical assets are financed by equity

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter1: Introduction To Business Activities And Overview Of Financial Statements And The Reporting Process

Section: Chapter Questions

Problem 11Q

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What is incorrect here? Available options are: Accounts Payable, Accounts Receivable, Accumulated Depreciation, Bond Premium, Bonds Payable, Building, Cash, Common Stock, Cost of Goods Sold, Delivery Expense, Depreciation Expense, Discount on Bonds Payable, Dividends Declared, Finance Costs, Goodwill, Intrest Expense, Intrest Income, Intrest Payable, Intrest Receivable, Land, Merchandise Inventory, Micellanious Expense, Other Expenses, Sales, Sales Discounts, Sales Returns and Allowances, Finance Costs, Goodwill
Which of the following statements is false? [A] cash and cash equivalents is always presented under current assets [B] all economic resources that are sold, realized, or consumed more than 12 months after reporting date are always considered noncurrent assets [C] those assets held for trading are presented under current assets [D] assets are economic resources that are expected to provide probable future economic benefit and have a value or a cost that can be measured reliably
Which of the following statements regarding selling fixed assets for cash is NOT true? a.The journal entry is similar to discarding fixed assets. b.The cash payment to the buyer is recorded. c.The cash receipt is recorded. d.If the selling price is more than the book value, a gain is recorded.
Suppose equipment is sold for cash in an amount equal to the cost of theequipment recorded on the books. How does this sale affect the accountingequation in term of increasing or decreasing assets, liabilities or owner’s equity?
Which of the following numerators does NOT include assets: a. Traffic speed of receivables b. Traffic speed of fixed assets c. Traffic speed of suppliers d. Traffic speed of stocks e. all of the above
Which of the following statements best distinguishes the difference between real and financial assets? financial assets appreciate in value; real assets depreciate in value. real assets are tangible; financial assets are not. real assets have less value than financial assets. financial assets represent claims to income that are generated by real assets.
Which one of the following options is correct about current assets Select one: a. Current assets are long term assets b. Current assets are not recorded inside the balance sheet rather in the notes section. c. Account receivable & cash are current assets d. Current assets are depreciable.
List the valuation techniques currently used for the following items on the balance sheet and discuss why. Asset Measurement Basis Cash Accounts receivable Marketable securities Inventory Investments Property, plant, and equipment Noncurrent liabilities
Which of the following assets would not be included as a quick asset? a.Merchandise inventory b.Cash c.Temporary investments d.Accounts receivable
Current assets include all of the following: cash, inventory, equipment, supplies, and accounts receivable. true or false?
Why can’t investors automatically accept balance sheet entries, as written, from a GAAP balance sheet? a. Companies may use a variety of methods to measure assets and liabilities. b. Companies report the estimated value of the assets and liabilities. c. Companies overstate the true value of certain tangible assets. d. The financial statement may not have been audited.
For each case of a financial asset that is not related to one another, explain (must be accompanied by an explanation) whether meeting the contractual cash flow test consists of only principal and interest: 1) Investments in debt instruments in the form of bonds with a specified maturity date. The bonds have a predetermined principal payment and interest on the principal amount payable is linked to the stock equity index on the stock exchange 2) Investments in debt instruments in the form of bonds from toll road management companies, whose contractual cash flows from these financial assets change according to the number of motorized vehicles that use certain toll roads. 3) Investments in debt instruments with a specified maturity date. A variable interest rate which gives the borrower the option of choosing a market rate of three months LIBOR for three months or one month LIBOR for one month

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		Inventory is not part of the current assets because they are physical in nature.
		Plant, equipment, building and land are non-current assets, but not fixed assets.
		Marketable securities such as stocks & bonds are current assets.
		Cash is the only liquid asset.
		Physical assets are financed by equity only.