ACC 371 Chapter 5 Homework Handout - Fall

ACC 371 Chapter 5 Homework Handout - Fall - Chapter 5...

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Chapter 5 Problem 1GP 1. For a liability to exist, a. there must be a past transaction or event. b. the exact amount must be known. c. the identity of the party to whom the liability is owed must be known. d. there must be an obligation to pay cash in the future. 2. Which of the following would not be classified as a current asset on a classified balance sheet? a. short-term investments b. intangible assets c. prepaid expenses d. inventories 3. The correct order to present current assets on a balance sheet is a. cash, inventories, prepaid items, accounts receivable b. cash, inventories, accounts receivable, prepaid items c. cash, accounts receivable, prepaid items, inventories d. cash, accounts receivable, inventories, prepaid items 4. Unearned rent would normally appear on the balance sheet as a a. plant asset b. current liability c. long-term liability d. current asset 5. Which of the following generally is considered a limitation of the balance sheet? a.
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ACC 371 Chapter 5 Homework Handout - Fall - Chapter 5...

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