CHAPTER 1INTRODUCTION TO FINANCIAL REPORTING
Charging off equipment that cost less than $20 would be an example of the application
CHAPTER 3BALANCE SHEET
1.Company A owns shares of Company B and Company C. The statements of Company B are
consolidated with those of Company A. The statements of Company C are not consolidated.
Company A reports "Noncontrolling Interest"
CHAPTER 2INTRODUCTION TO FINANCIAL STATEMENTS AND
OTHER FINANCIAL REPORTING TOPICS
At the end of the fiscal year, an adjusting entry is made that increases both interest
expense and interest payable. This entry is an application for whi
Quiz CH. 3 Answer Key 3
1. Which of the following is not a typical current liability?
a) accounts payable
b) wages payable
c) interest payable
d) pension liabilities
e) taxes payable
2. Which of the following is a current liability?
First Last Name
Case Study Assignment #1
Before recognizing revenue, Alexander & Baldwin (A&B) assesses the
underlying terms of the transaction to ensure that recognition meets the requirements of relevant
Quiz CH. 3 Answer Key 2
1. For the issuing firm, redeemable preferred stock should be classified where
for analysis purposes?
a) marketable security
b) long-term investment
e) shareholders equity
2. Which of the foll
Quiz CH. 3 Answer Key 1
1. Which of the following accounts would not appear on a conventional balance
a) accounts receivable
b) accounts payable
d) gain from sale of land
e) common stock
2. Current assets typically include all
CHAPTER 6LIQUIDITY OF SHORT-TERM ASSETS; RELATED DEBTPAYING ABILITY
Company A uses LIFO and Company B uses FIFO for inventory valuation. Otherwise,
the firms are of similar size and have the same revenue and expense. Assume inflation. I
CHAPTER 5BASICS OF ANALYSIS
1. Which of these statements is false?
a. Many companies will not clearly fit into any one industry.
b. A financial service uses its best judgment as to which industry the firm best fits.
c. The analysis of an e
CHAPTER 4INCOME STATEMENT
Other income and other expense are categories under which secondary activities of the firm not
directly related to the operations are classified.