1. Which of the following is not a method of disclosing pertinent information? a

Question

1. Which of the following is not a method of disclosing pertinent information?

a. Supporting schedules
b. Parenthetical explanations
c. Cross reference and contra items
d. All of these are methods of disclosing pertinent information.

2.The basis for classifying assets as current or noncurrent is conversion to cash within

a.  the accounting cycle or one year, whichever is shorter.
b. the operating cycle or one year, whichever is longer.
c. the accounting cycle or one year, whichever is longer.
d. the operating cycle or one year, whichever is shorter.

3. A limitation of the balance sheet that is not also a limitation of the income statement is           

a. the use of judgments and estimates
b. omitted items
c. the numbers are affected by the accounting methods employed
d. valuation of items at historical cost

4. Which of the following should be excluded from long-term liabilities?           

a. Obligations payable at some date beyond the operating cycle
b. Most pension obligations
c. Long-term liabilities that mature within the operating cycle and will be paid from a sinking fund
d. Many answers are possible.

Which of the following is not a method of disclosing pertinent information? The basis for classifying assets as current or noncurrent is conversion to cash within A limitation of the balance sheet that is not also a limitation of the income statement is Which of the following should be excluded from long-term liabilities? Packard Corporation reports the following information:

Explanation / Answer

d. All of these are methods of disclosing pertinent information.

b. the operating cycle or one year, whichever is longer.

d. valuation of items at historical cost

d. Many answers are possible.

a. 0.94

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