omg.bnng a panc lon thishlishte ACCT 2 SHOW YOUR CALCULATIONS NAME Problem 1-Lis

Question

omg.bnng a panc lon thishlishte ACCT 2 SHOW YOUR CALCULATIONS NAME Problem 1-Listed below are ten terms followed by a list of phrases that describe or characte each of the terms. Match each phrase with the correct term A) Asset recorded when an expense is paid for in advance B) Goods to be sold in the ordinary course of business C) Transactions with owners, managers, and affiliated companies. D) Highly liquid investments that can be quickly converted into cash. E) Measures the company's ability to pay short-term obligations F) Net income less dividends since inception of the corporation. G) Amounts due from customers. H) Material events that occur after the end of the fiscal year and before the statements are issued. I) Obligations to suppliers of merchandise or of services purchased on account. J) Cash received from a customer in advance of providing a good or service 1. Related-party trans?ctions 2. Deferred revenues 3. Accounts regeivable 4. Inventories 5. Accounts payable 6. Prepaid expense 7. Retained carnings 8. Subsequent events 9. Current ratio 10 Cash equivalents Problem 2 - Carter Appliances is preparing its annual report for the current fiscal year. The company's controller has asked for your help in determining how best to disclose information ab the following items:

Explanation / Answer

Answer to Problem 1

Question no part Correct Answer or Term used A 6 Prepaid expense (ex Prepaid Rent, Prepaid Insurance) B 4 Inventories C 1 Related Party Transactions D 10 Cash Equivalents E 9 Current Ratio (= Current Assets / Current Liabilities) F 7 Retained earnings G 3 Accounts receivables H 8 Subsequent Events I 5 Accounts Payable J 2 Deferred Revenues (like Unearned Revenues etc)

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.