Question 1

Equipment is classified as a ____________________ asset on the balance sheet.

Accepted Answer

The answer of Equipment is classified as a ____________________ asset...

Question 2

____________________ is the process of writing off the cost of tangible assets and ____________________ is the process of writing off the cost of intangible assets.

Accepted Answer

The answer of ____________________ is the process of writing off...

Question 3

____________________ is the quality of accounting information that allows a user to analyze two or more companies and look for similarities and differences.

Accepted Answer

The answer of ____________________ is the quality of accounting information...

Question 4

On the statement of cash flows, the ______________________________ section involves the issuance and repayment of long term liabilities and stock transactions.

Accepted Answer

The answer of On the statement of cash flows, the...

Question 5

In a ____________________-step income statement, all expenses and losses are added together, then deducted from the sum of all revenues and gains.

Accepted Answer

The answer of In a ____________________-step income statement, all expenses...

Question 6

.____________________ is the impact of information to change decision-making.

Accepted Answer

The answer of .____________________ is the impact of information to...

Question 7

.____________________ is the quality of accounting reporting that allows a user to compare two or more accounting periods for a single business.

Accepted Answer

The answer of .____________________ is the quality of accounting reporting...

Question 8

____________________ is the quality of accounting information that makes it comprehensible to those willing to spend the necessary time.

Accepted Answer

The answer of ____________________ is the quality of accounting information...

Question 9

______________________________ is a liquidity measure that is calculated by subtracting current assets from current liabilities.

Accepted Answer

The answer of ______________________________ is a liquidity measure that is...

Question 10

____________________ and ____________________ have claims to an entity's economic resources.

Accepted Answer

The answer of ____________________ and ____________________ have claims to an...

Question 11

____________________ is the quality of accounting information that makes it dependable in representing the events that it purports to represent.

Accepted Answer

The answer of ____________________ is the quality of accounting information...

Question 12

____________________ is the magnitude of an omission or misstatement in accounting information that will affect the judgment of someone relying on the information.

Accepted Answer

The answer of ____________________ is the magnitude of an omission...

Question 13

._________________________ are cash and other assets that are reasonably expected to be converted to cash during the normal operating cycle of the business.

Accepted Answer

The answer of ._________________________ are cash and other assets that...

Question 14

The ability of a company to pay its debt when due refers to ____________________.

Accepted Answer

The answer of The ability of a company to pay...

Question 15

The statement of ____________________ explains changes in the components of owners' equity during the period.

Accepted Answer

The answer of The statement of ____________________ explains changes in...

Question 16

On the statement of cash flows, the ______________________________ section involves the acquisition and sale of long-term assets.

Accepted Answer

The answer of On the statement of cash flows, the...

Question 17

On the statement of cash flows, the ______________________________ section involves the purchase and sale of products and services.

Accepted Answer

The answer of On the statement of cash flows, the...

Question 18

____________________ is the practice of using the least optimistic estimate when two estimates of amounts are about equally likely.

Accepted Answer

The answer of ____________________ is the practice of using the...

Question 19

Matching
Identify whether the following investor questions are associated with (a) primary or (b) secondary financial reporting objectives.
-How much has Apple invested in research and development projects?

Accepted Answer

The answer of Matching
Identify whether the following investor questions are...

Question 20

____________________ have claims to an entity's economic resources.

Accepted Answer

The answer of ____________________ have claims to an entity's economic...

Quiz 2: Financial Statements and the Annual Report

Equipment is classified as a ____________________ asset on the balance sheet.

is the process of writing off the cost of tangible assets and is the process of writing off the cost of intangible assets.

____________________ is the quality of accounting information that allows a user to analyze two or more companies and look for similarities and differences.

On the statement of cash flows, the ______________________________ section involves the issuance and repayment of long term liabilities and stock transactions.

In a ____________________-step income statement, all expenses and losses are added together, then deducted from the sum of all revenues and gains.

.____________________ is the impact of information to change decision-making.

.____________________ is the quality of accounting reporting that allows a user to compare two or more accounting periods for a single business.

____________________ is the quality of accounting information that makes it comprehensible to those willing to spend the necessary time.

______________________________ is a liquidity measure that is calculated by subtracting current assets from current liabilities.

and have claims to an entity's economic resources.

____________________ is the quality of accounting information that makes it dependable in representing the events that it purports to represent.

____________________ is the magnitude of an omission or misstatement in accounting information that will affect the judgment of someone relying on the information.

._________________________ are cash and other assets that are reasonably expected to be converted to cash during the normal operating cycle of the business.

The ability of a company to pay its debt when due refers to ____________________.

The statement of ____________________ explains changes in the components of owners' equity during the period.

On the statement of cash flows, the ______________________________ section involves the acquisition and sale of long-term assets.

On the statement of cash flows, the ______________________________ section involves the purchase and sale of products and services.

____________________ is the practice of using the least optimistic estimate when two estimates of amounts are about equally likely.

Matching Identify whether the following investor questions are associated with (a) primary or (b) secondary financial reporting objectives. -How much has Apple invested in research and development projects?

____________________ have claims to an entity's economic resources.