Quiz - Week2QuizACCT3311(submission for Alfredo Nazario)...

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Picture 8 18 Picture 8 19 Picture 8 21 Week 2 Quiz - ACCT 3311  (submission for Alfredo Nazario) Began: 2011-08-27 at 5:09 pm Completed: 2011-08-28 at 8:42 pm Total Score: 38 1.) The balance sheet reports: A. Net income at a point in time. B. Cash flows for a period of time. C. Assets and equities at a point in time. D. Assets and liabilities for a period of time. 2/2 2.) Current assets include cash and all other assets expected to become cash or be consumed:
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Picture 8 2 Picture 8 24 Picture 8 28 A. Within one year. B. Within one operating cycle. C. Within one year or one operating cycle, whichever is shorter. D. Within one year or one operating cycle, whichever is longer. 0/2 3.) Red Onion Restaurant classifies a six-month prepaid insurance policy as a current asset. Its rationale is based on: A. Materiality. B. Operating cycle.
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Picture 8 30 Picture 8 3 Picture 8 34 Picture 8 35 C. Definition. D. Liquidity. 0/2 4.) Cash equivalents would not include: A. Cash not available for current operations. B. Money market funds. C. United States treasury bills. D. Bank drafts.
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Picture 8 36 Picture 8 37 Picture 8 38 Picture 8 40 Picture 8 41 2/2 5.) Cash equivalents would include: A. Highly liquid equity securities. B. Accounts receivable from a financial institution. C. A sinking fund for bonds that mature in three years. D. Debt instruments with maturity dates of less than three months from the date of the purchase. 2/2 6.) Accrued expenses: A. Are generally paid in services rather than cash. B. Result from payment before services are received.
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Picture 8 43 Picture 8 4 Picture 8 46 C. Result from services received before payment. D. Are deferred charges to expense. 2/2
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This note was uploaded on 08/28/2011 for the course ACCT ACCT3312 taught by Professor Moses during the Spring '09 term at The University of Texas at San Antonio- San Antonio.

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Quiz - Week2QuizACCT3311(submission for Alfredo Nazario)...

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