assessment gb518 1.pdf

Question options 1 income or operating success of a

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Question options: 1) Income or operating success of a company over a period of time. 2) Ability of a company to survive over a long period of time. 3) Short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash. Hide Feedback The response is incorrect. Review study materials - Chapter 3, LO: 2, Legal/Regulatory Perspective, Reporting, Business Economics Question 10 0 / 1 point How can a company improve its current ratio?
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Question options: 1) Work with a creditor to reclassify some current debt into long-term debt 2) Use cash to reduce current liabilities 3) Nothing can ethically be done to improve the current ratio 4) Use excess cash to buy new equipment Hide Feedback The response is incorrect. Review study materials - Chapter 3, LO: 2, Legal/Regulatory Perspective, Measurement, Business Economics. Question 11 1 / 1 point What are the two fundamental qualities of useful information? Question options: 1) Relevance and faithful representation. 2) Verifiability and timeliness. 3) Comparability and flexibility. 4) Understandability and consistency. Hide Feedback The response is correct. Relevance and faithful representation are the two fundamental qualities of useful information. Question 12 0 / 1 point When is an accounting item considered material? Question options: 1) Tt doesn’t costs a lot of money. 2) It is of a tangible good. 3) Its size is likely to influence the decision of an investor or creditor.
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