ch5 - The balance sheet omits many items that are of...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
     The balance sheet omits many items that are of financial value to the business but cannot be recorded objectively.   True False Question  2 (1 point) Save      Companies frequently describe the terms of all long-term liability agreements in notes to the financial statements.   True False Question  3 (1 point) Save      An asset which is expected to be converted into cash, sold, or consumed within one year of the balance sheet date is always reported as a current asset. True False Question  4 (1 point) Save      Land held for speculation is reported in the property, plant, and equipment section of the balance sheet.   True False Question  5 (1 point) Save      The account form and the report form of the balance sheet are both acceptable under GAAP.   True False Question  6 (1 point) Save   
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
  Because of the historical cost principle, fair values may not be disclosed in the balance sheet.   True False Question  7 (1 point) Save      Companies have the option of disclosing information about the nature of their operations
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 3

ch5 - The balance sheet omits many items that are of...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online