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Acc 303 Week 8 Quiz 5 Essay

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ACC 303 Week 8 Quiz 5
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TRUE FALSE—Conceptual

1. Liquidity refers to the ability of an enterprise to pay its debts as they mature.

2. The balance sheet omits many items that are of financial value to the business but cannot be recorded objectively.

3. Financial flexibility measures the ability of an enterprise to take effective actions to alter the amounts and timing of cash flows.

4. Companies frequently describe the terms of all long-term liability agreements in notes to the financial statements.

5. An asset which is expected to be converted into cash, sold, or consumed within one year of the balance sheet date is always reported as a current asset.

6. Land held for speculation is reported in the property, plant, and equipment section of the balance sheet.

7. The account form and the report form of the balance sheet are both acceptable under GAAP.

8. Because of the historical cost principle, fair values may not be disclosed in the balance sheet.

9. Companies have the option of disclosing information about the nature of their operations and the use of estimates in preparing financial statements.

10. Companies may use parenthetical explanations, notes, cross references, and supporting schedules to disclose pertinent information.

11. The accounting profession has recommended that companies use the word reserve only to describe amounts deducted from assets.

12. On the balance sheet, an adjunct account reduces either an asset, a liability, or an owners’ equity account.

13. The primary purpose of a statement of cash flows is to report the cash effects of operations during a period.

14. The statement of cash flows reports only the cash effects of operations during a...

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