Question 18Not yet answeredMarked out of 1.00P Flag questionThe difference between fixed assets andlong term liabilities of a business concern istermed asSelect one:a. Preferred stocksb. Working capitalc. None of the optionsd. Bondse. Loans

The correct answer is ) None of the options Liabilities refer to money you owe, and long-term…

Answered: The difference between fixed assets and…

Business

Accounting

The difference between fixed assets and ong term liabilities of a business concern is ermed as

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

ChapterD: Investments

Section: Chapter Questions

Problem D.10EX: Fair value journal entries, trading investments Jets Bancorp Inc. purchased a portfolio of trading...

See similar textbooks

Related questions

Q: Briefly explain off-balance-sheet assets and off-balance-sheet liabilities with an appropriate…

A: Off-balance-sheet items seem to be those items that do not show up on a company's balance sheet.…

Q: Owner's equity is best depicted by the following: Assets = Liabilities. Assets - Liabilities.…

A: As per accounting equation Equity = Assets-Liabilities Hence Owner's equity =…

Q: Describe when and how a net operating loss carryforward and a net operating losscarryback are…

A: Net Operating Loss Carryforward: The net operating loss is considered as negative taxable income.…

Q: Sales of products or services are referred to as a. Assets. b. Revenues. c. Liabilities. d.…

Q: Which of the following would not explain the difference between current and non-current assets?…

A: What are currents assets and non current assets let us understand that first. Current assets are…

Q: What is an asset and liability per the IASB framework definition for the preparation and…

A: Financial statement includes: 1) Balance sheet 2) Income statement 3) Cash flow statement 4)…

Q: Debt issuance costs are: Accounted for as a deduction from the equity balance on the balance sheet…

A: Equity, liabilities, and assets are part of the balance sheet of a company. The balance sheet is…

Q: True or false. Assets is equal to the sum of liabilities and owners equity

A: Assets are the rights and resources that are being held by the business. It includes current assets,…

Q: Which of the following would not be classified as a current asset? Prepaid expenses Plant, property…

A: Current assets are those assets which are already in cash or can be converted into cash into short…

Q: On a company's balance statement, why are fixed assets depreciated?

A: Fixed asset: It can be defined as a tangible asset that is used by the business in its production…

Q: On the balance sheet, liabilities are generally classified as a. current or long term b. legal or…

A: Current Liabilities Long term liabilities

Q: Under PFRS 9, a financial asset shall be measured subsequently at amortized cost when: I. The…

A: Financial Assets shall be subsequently measured at amortized cost, when The Business Model is to…

Q: Which one of the following is used in the determination of the financial position of an entity? O A.…

A: solution : which one of the following is used in determination of the financial position of an…

Q: under the conceptual framework for internationai financial reporting a non-contraling interest fits…

A: Non-controlling interest Non-controlling interest is also referred to as the minority interest…

Q: Explain what is meant by the term “Impairment” in relation to Non-Current assets and explain its…

A: Asset is impaired if its extended future incomes are not as much as its current conveying esteem. An…

Q: Which of the following is not an essential characteristic of a liabili O All are essential…

A: Liabilities are those present obligations that are due to business and they could be short-term in…

Q: Which of the following is not included in the computation of profit or loss? Interest Expense on…

A: Employee benefits It is the consideration provided by business to employees in exchange for…

Q: How is the valuation of cuIrent assets affected if the company follows IFRS? OValuation is based on…

A: SOLUTION- HISTORICAL COST IS THE ORIGINAL OF AN ASSET , AS RECORDED IN AN ENTITY'S ACCOUNTING…

Q: Why would companies perform a set-off of assets and liabilities?

A: Assets are the resources which help in generating profits. The assets can be controlled and used by…

Q: Assets is Outflows or other using up assets or incurrence of liabiliti true

A: An income statement is a business financial statement that displays how revenue (the money collected…

Q: The means by which individuals hold their claims on real assets in a well-developed economy are A)…

A: A financial asset is a liquid asset which, from either a legal right or ownership assertion,…

Q: Which statement is incorrect regarding classification of financial assets? a. An entity can…

A: Financial Assets: The financial assets refers to contractual agreement between two parties for a…

Q: A basic difference between loss contingencies and “real”liabilities is: a. Liabilities stem from…

A: Contingency is a liability that may arise in the future while the real liability has already…

Q: Which of the following statements best describes the term "liability"? * a. An excess of equity over…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Hdoes a company account for the disposal of an asset?how does it report gains and losses on its…

A: Disposal of Assets: It refers to selling the worn-out assets that is no longer in need for the…

Q: The new standard, Revenue from Contracts with Customers, recognizes revenue based on a(n):…

A: Solution: The new standard, Revenue from Contracts with Customers "adopts an asset-liability…

Q: Liabilities a. possess service potential. O b. O c. d. are things of value used by the business in…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Resources controlled by a company as a result of past events are: C . liabilities.

A: Given: The past even results in a company that controls the resources.

Q: A) Differentiate between the ‘definition of assets’ and ‘recognition criteria of assets’ provided in…

A: ‘’Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Which of the following A. Capital + Liabilities = Assets B. Assets - Liabilities = Capital C. Assets…

A: The general accounting equation is Assets = Liabilities + Capital.

Q: ._______ It is the difference between a firm’s assets and its liabilities

A: An Asset is something owned and controlled by an entity that has some economic benefits. A…

Q: The aounts reflected in the statement of financial position do not reflect the liquadation value of…

A: Statement of financial position means financial statement which shows position of all assets and all…

Q: normal balance of asset liability and equity

A: The balance sheet shows the financial position of the company that including the assets,…

Q: Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d.…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: Residual interest in the asset of an entity that remains after deducting its liabilities is? a.…

A: Accounting Equation - Accounting Equation is calculated using following equation - Assets =…

Q: Please explain how the long-term and short-term classification of assets and liabilities is…

A: Assets :— An asset is any resource owned or controlled by a business or an economic entity.…

Q: Under what circumstances under PFRS 9 can an entity classify financial assets that meet the…

A: PFRS 9 includes 3 main components. (1) Requirements for recognition, Classification of Financial…

Q: On the balance sheet, liabilities are generally classified as O legal or nonlegal. probable or…

A: The balance sheet shows the financial position of the business. It consists of liabilities and…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Q 30 Question 30 An unrealized loss on available-for-sale securities is … Select one: a. reported under Other Expenses and Losses in the income statement. b. deducted from the cost of the investment. c. reported as a separate component of stockholders equity. d. closed-out at the end of the accounting period.
When a company is financially geared, its debt is __________. Question 14 options: 1) smaller than zero 2) equal to zero 3) greater than zero 4) equal to infinity
Financial markets, Saving and Investment (chapter 13) Q: Rank bonds, common stock, and preferred stock with regard to two factors the possibility of a substantial increase in value. Rank these same securities with regard to investors' legal claims for repayment on their investments. Note Please Highly Requesting Do not Copy Paste Questions From Chegg, Or Coursehero .. I Have Chegg, Coursehero
Requirements: 10. How much is the consolidated liabilities on December 31, 2x19?11. How much is the consolidated stockholder’s equity on December 31, 2x19?
Requirements:10. How much is the consolidated liabilities on December 31, 2x19?11. How much is the consolidated stockholder’s equity on December 31, 2x19?
Q5. The following items would be presented in the Statement of Changes in Equity.Answer only TRUE or FALSE for each(i) Revaluation of investment property(ii) Rights issue made in the year
60 Analyze the following: I – Cumulative preference dividends in arrears should be reported as a note disclosure. II – Depreciable assets which are part of the component held for sale shall be depreciated. III – According to PAS 10, date of authorization for FS issuance is when the board of directors approves the release of financial statements regardless of the approval of the stockholders. Given these, we can conclude that: Group of answer choices Only statement I is true. Only statement II is false. Only statements II and III are false. Only statement III is false.
____ 60. The journal entry a company records for the issuance of bonds when the contract rate is greater than the market rate would be a. debit Bonds Payable, credit Cash b. debit Cash and Discount on Bonds Payable, credit Bonds Payable c. debit Cash, credit Premium on Bonds Payable and Bonds Payable d. debit Cash, credit Bonds Payable ____ 61. When using the Cost Method of accounting for equity Investments, the receipt of cash dividends a. decreases the amount of the Dividend Revenue b. increases the amount of the Dividend Revenue c. decreases the amount of the Investment account d. increases the amount of the Investment account
Fair value journal entries, trading investments Jets Bancorp Inc. purchased a portfolio of trading securities during 20Y3. The cost and fair value of this portfolio on December 31, 20Y3, was as follows: Journalize the entry to record the adjustment of the trading security portfolio to fair value on December 31, 20Y3.
AFN EQUATION Refer to problem 17-1 and assume that the company had 3 million in assets at the end of 2018. However, now assume that the company pays no dividends. Under these assumptions, what additional funds would be needed for the coming year? Why is this AFN different from the one you found in problem 17-1?