Chapter 4 - Balance Sheet and Financial Reporting Flashcards
1
Q
BS includes ____ accounts with _____ balances
A
permanent, cumulative
2
Q
BS reports ______ years under GAAP
A
2
3
Q
an asset is recognized when….
A
it is currently owned, right arises, future benefit, the amount is reasonably measurable
4
Q
assets are listed in order of…
A
liquidity
5
Q
assets are expected to be converted into cash…
A
either in one year or in the operating cycle, whichever is longer
6
Q
monetary classification
A
money or a receivable in a fixed amount
7
Q
held to maturity is held at
A
amortized cost
8
Q
trading is held at
A
fair value
9
Q
available for sale is held at
A
fair value
