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A List of Statements Follows

Question 88

Short Answer

A list of statements follows:
a.A balance sheet summarizes the ____________________ ____________________ of a company.

b.GAAP defines the ____________________ of a corporate balance sheet.

c.Temporary investments in marketable securities are classified as ____________________ ____________________ and investment securities available for sale.

d.A company must accrue a loss and a liability from a contingency if it is ____________ that a liability has been incurred and the amount of the loss can be ______________ _______________.

e.Unrealized fair value increases in available-for-sale securities is an example of ____________________ ____________________ ____________________ ____________________.

f._____________ ______________ of a company include affiliated entities such as subsidiaries, trusts for the benefit of employees, its management, and its principal owners or immediate families.

g.A(n) ____________________ ____________________ is one that occurs between the balance sheet date and the date the annual report is issued.
Required:
Fill in the words necessary to complete the statements.

Correct Answer:

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a. financial position
b. eleme...

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