The correct order to present current assets is a cash

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42. The correct order to present current assets is a. cash, accounts receivable, prepaid items, inventories. b. inventories, receivables, prepaid items, cash. c. cash, inventories, accounts receivable, prepaid items. d. inventories, prepaid items, accounts receivable, cash.
43. The basis for classifying assets as current or noncurrent is conversion to cash within
44. The basis for classifying assets as current or noncurrent is the period of time normally required by the accounting entity to convert cash invested in
45. The current assets section of the statement of financial position should include
Test Bank for Intermediate Accounting: IFRS Edition, 2e 5 - 6 46. Which of the following is a current asset? a. Cash surrender value of a life insurance policy of which the company is the bene-ficiary. b. Investment in equity securities for the purpose of controlling the issuing company. c. Cash designated for the purchase of tangible fixed assets. d. Trade installment receivables normally collectible in 18 months.
47. Equity or debt securities held to finance future construction of additional plants should be classified on a balance sheet as
48. Each of the following are an intangible asset except
49. Which of the following is not a long-term investment?
50. A generally accepted method of valuation is 1. trading securities at market value. 2. accounts receivable at net realizable value. 3. inventories at current cost. a. 1 b. 2 c. 3 d. 1 and 2
51. Which item below is not a current liability?

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