Ch. 3 - Balance Sheet

Question 0

Examples of current liabilities

Answer 0

Accounts payable, notes payable, accrued liabilities, unearned revenues, & current maturities of long-term debt

Question 1

What are current liabilities?

Answer 1

Obligations expected to be satisfied through current assets or creation of other current liabilities within one year or the operating cycle, whichever is longer.

Question 2

What is shareholders equity?

Answer 2

The residual interest in the assets of an entity that remains after deducting liabilities

Question 3

What disclosure shows related party transactions?

Answer 3

Noteworthy events and transactions. Also includes the illegal acts and errors & irregularities

Question 4

What does PCAOB stand for?

Answer 4

Public Companies Accounting Oversight Board who specifies auditor reports

Question 5

Proxy statement information

Answer 5

Discloses compensation of directors and top executives. Some examples are: Salary, bonus, stock awards, option awards, other compensation.