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ACCT+2101+Class+Exercise+on+1-12-09 - ACCT 2101 CLASS...

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Unformatted text preview: ACCT 2101 CLASS EXERCISE DATE Name Section (9,10,11) Partner Name (not the same partner as last time) Partner Email Address 1. What is GAAP? 2. Why are Intel’s TOTAL ASSETS and TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY equal? 3. How do you determine whether an asset is current or long-term (noncurrent)? In what order are current assets listed? 4. What is the difference between cash and cash equivalents? 5. How are short-term investments different from cash equivalents? 6. What are accounts receivable? 7. How much does Intel have in actual Accounts Receivable on their books? 8. What are inventories? 9. How does a company acquire prepaid rent? 10. Why do users of financial statements pay special attention to the total in current assets? ...
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