Common-size balance sheets allow for comparison of firms with

Don't use plagiarized sources. Get Your Assignment on
Common-size balance sheets allow for comparison of firms with
Just from $13/Page
Order Now

Question 1 5 / 5 points

Which of the following statements is FALSE?

Question options:

Common-size balance sheets allow for comparison of firms with different levels of total assets by introducing a common denominator.

The common-size balance sheet reveals the composition of assets within major categories.

Each item on a common-size balance sheet is expressed as a percentage of sales.

The common-size balance sheet reveals the capital and the debt structure of the firm.

Question 2 5 / 5 points

Companies that use IFRS may switch the order of presentation of __________, listing noncurrent items before current items.

Question options:

assets and liabilities

liabilities and owner’s equity

assets and owner’s equity

owner’s equity only

Question 3 5 / 5 points

Temporary differences are a result of recording revenues or expenses on financial statements in an accounting period __________ when these items are recorded on the firm’s tax return.

Question options:

before the time

after the time

the same as

different from

Question 4 5 / 5 points

A __________ expresses each item on the balance sheet as a percentage of total assets.

Question options:

ratio balance sheet

common-size balance sheet

relative balance sheet

usual and customary

Question 5 5 / 5 points

__________ are those assets expected to be converted into cash within one year or operating cycle, whichever is longer.

Question options:

Marketable securities

Future assets

Current assets

Short-lived

Question 6 5 / 5 points

The valuation of marketable securities on the balance sheet requires the separation of investment securities into three categories:

Question options:

held to maturity, negotiable securities, and securities available for sale.

held to maturity, negotiable securities, and securities available for purchase.

held to maturity, trading securities, and securities available for purchase.

held to maturity, trading securities, and securities available for sale.

Question 7 5 / 5 points

Which of the following statements is true?

Question options:

The straight-line method of depreciation allocates a decreasing amount of depreciation expense each year.

Straight-line depreciation is the least used method for financial reporting purposes.

Fixed assets are reported at historical cost less accumulated depreciation on the balance sheet.

The total amount of depreciation over the asset’s life is larger when using an accelerated method of depreciation.

Question 8 5 / 5 points

Companies that are paid in advance for services or products record a(n) __________ on the receipt of cash referred to as unearned revenue or deferred credits.

Question options:

liability

receivable

asset

accrued asset

Question 9 5 / 5 points

Which item below does NOT describe a balance sheet?

Question options:

Assets = Liabilities + Stockholders’ Equity

Financial position at a point in time

Assets ā€“ Liabilities = Stockholders’ Equity

Assets + Liabilities = Stockholders’ Equity

Question 10 5 / 5 points

Use the information below to answer the following question.

ABC Company purchases five products for sale in the order and at the costs shown below

Unit Cost per Unit

1 $10

2 $12

3 $15

4 $18

5 $13

Assume ABC sells two items and uses the LIFO method of inventory valuation. What amount would appear for cost of goods sold on the income statement?

Question options:

$37

$41

$22

$31

Question 11 5 / 5 points

__________ are also referred to as short-term investments.

Question options:

Real estate

Annuities

Non-term life insurance

Marketable securities

Question 12 5 / 5 points

The net realizable value of accounts receivable is the actual amount of the account less an allowance for __________ accounts.

Question options:

future

questionable

unknown

doubtful

Question 13 5 / 5 points

Assume the following purchases of inventory for ABC Company and use this information to answer the following question.

Purchase # Purchase Price

1 $3

2 $4

3 $5

4 $6

5 $7

Assume ABC uses the average cost method of inventory valuation. What unit cost would be used to determine the amount in ending inventory or cost of goods sold?

Question options:

$3

$5

$7

$25

Question 14 0 / 5 points

Most manufacturing firms use the accelerated depreciation method and retailers use the __________ method for financial reporting purposes.

Question options:

reverse accelerated depreciation

accelerated depreciation (also) (Incorrect)

straight-line depreciation

incremental depreciation

Question 15 5 / 5 points

Which item below would NOT be a quality of financial reporting issue related to the balance sheet?

Question options:

Mismatching the type of debt (short or long-term) used to finance assets

Discretionary expenses

Overvaluation of assets

Off-balance sheet financing

Question 16 5 / 5 points

The balance sheet is also called the:

Question options:

statement of future.

statement of welfare.

statement of condition.

statement of potential position.

Question 17 5 / 5 points

A (n) __________ balance sheet means that the asset and liability sections are categorized into key areas.

Question options:

classified

systematic

organized

legend

Question 18 5 / 5 points

A common-size balance sheet is useful to the analyst because it facilitates the __________ analysis of the firm.

Question options:

functional

structural

operational

cost

Question 19 5 / 5 points

Additional information helpful to the analysis of accounts receivable and the allowance account is provided in the schedule of:

Question options:

deductions accounts.

valuation and qualifying accounts.

additions to costs and expenses accounts.

allowance for unknown accounts.

Question 20 5 / 5 points

Which of the following accounts could be categorized as either a current or noncurrent liability depending on date the debt is due?

Question options:

Notes payable and deferred taxes

Accounts payable and current portion of long-term debt

Deferred taxes and mortgages due in 30 years

Long-term warranties and accounts payable

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

At Myhomeworkwriters.com, we always aim at 100% customer satisfaction. As such, we never compromise o the quality of our homework services. Our homework helpers ensure that they craft each paper carefully to match the requirements of the instruction form.

Professional Academic Writers

With Myhomeworkwriters.com, every student is guaranteed high-quality, professionally written papers. We ensure that we hire individuals with high academic qualifications who can maintain our quality policy. These writers undergo further training to sharpen their writing skills, making them more competent in writing academic papers.

Affordable Prices

Our company maintains a fair pricing system for all academic writing services to ensure affordability. Our pricing system generates quotations based on the properties of individual papers.

On-Time delivery

My Homework Writers guarantees all students of swift delivery of papers. We understand that time is an essential factor in the academic world. Therefore, we ensure that we deliver the paper on or before the agreed date to give students ample time for reviewing.

100% Originality

Myhomeworkwriters.com maintains a zero-plagiarism policy in all papers. As such, My Homework Writers professional academic writers ensure that they use the studentsā€™ instructions to deliver plagiarism-free papers. We are very keen on avoiding any chance of similarities with previous papers.

Customer Support 24/7

Our customer support works around the clock to provide students with assistance or guidance at any time of the day. Students can always communicate with us through our live chat system or our email and receive instant responses. Feel free to contact us via the Chat window or support email: support@myhomeworkwriters.com.

Try it now!

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Homework Writing Services

My Homework Writers holds a reputation for being a platform that provides high-quality homework writing services. All you need to do is provide us with all the necessary requirements of the paper and wait for quality results.

Essays

Essay Writing Services

At My Homework Writers, we have highly qualified academic gurus who will offer great assistance towards completing your essays. Our homework writing service providers are well-versed with all the aspects of developing high-quality and relevant essays.

Admissions

Admission and Business Papers

With Myhomeworkwriters.com, we will help you secure a position at your desired institution. Our essay writing services include the crafting of admissions papers. We will still help you climb your career ladder by helping you write the official papers that will help you secure a job. We will guide you on how to write an outstanding portfolio or resume.

Editing

Editing and Proofreading

Myhomeworkwriters.com has a professional editorial team that will help you organize your paper, paraphrase it, and eliminate any possible mistakes. Also, we will help you check on plagiarism to ensure that your final paper posses quality and originality.

Coursework

Technical papers

My Homework Writers harbors professional academic writers from diverse academic disciplines. As such, we can develop homework writing services in all academic areas. The simplicity or complexity of the paper does not affect the quality of homework writing services.