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devry acc304 week 2 quiz

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Question;(TCO 4) Current assets include cash and all other assets;expected to become cash or be consumed;within one year.;within one operating cycle.;within one year or one operating cycle;whichever is shorter.;within one year or one operating cycle;whichever is longer.;Instructor Explanation: See Chapter 3.;Points Received: 4 of 4;Comments;Question 2. Question;(TCO 4) Rent collected in advance is;an asset account in the balance sheet.;a liability account in the balance sheet.;a shareholders' equity account in the balance;sheet.;a temporary account that is not in the balance;sheet at all.;Instructor Explanation: See Chapter 3.;Points Received: 4 of 4;Comments;Question 3. Question;(TCO 4) Janson Corporation Co.'s trial balance included the;following account balances at December 31, 2011;Investments consist of treasury bills that were purchased in;November and mature in January. Prepaid insurance is for the next 2 years. What;amount should be included in the current asset section of Janson's December 31;2011 balance sheet?;$88.000;$85,000;$55,000;$135,000;Instructor Explanation: $12,000 + 40,000 + 30,000 + 3,000 (1/2 of;prepaid insurance) = $85,000;Points Received: 4 of 4;Comments;Question 4. Question;(TCO 4) Which of the following would be disclosed in the;summary of significant accounting policies disclosure note?;Option A;Option B;Option C;Option D;Instructor Explanation: See Chapter 3.;Points Received: 4 of 4;Comments;Question 5. Question;(TCO 4) Below is the partial balance sheet ($ in thousands);for Paisano Seafood Inc.;The current ratio (rounded) is;1.98.;1.58.;1.17.;0.66.;Instructor Explanation: Current ratio: $505/$320 = 1.58;Points Received: 4 of 4;Comments;*

 

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