48 in what order are current assets listed on a balance sheet a by dollar amount lar 4314307

48.In what order are current assets listed on a balance sheet? 
 

A. By dollar amount (largest first).

B. By date of acquisition (earliest first).

C. By liquidity.

D. By relevance to the operation of the business.

49.In what order would the following assets be listed on a balance sheet? 
 

A. Cash, Short-term Investments, Accounts Receivable, Inventory.

B. Cash, Intangible Assets, Accounts Receivable, Property and Equipment.

C. Cash, Accounts Receivable, Property and Equipment, Inventory.

D. Cash, Inventory, Intangible Assets, Accounts Receivable.

50.Where would changes in stockholders' equity resulting from financing provided by operations be reported? 
 

A. Within a long-term asset account.

B. Within the additional paid-in capital account.

C. Within a liability account.

D. Within the retained earnings account.

51.Which of the following events will cause retained earnings to increase?  
 

A. Dividends declared by the Board of Directors.

B. Net income reported for the period.

C. Net loss reported for the period.

D. Issuance of stock in exchange for cash.

52.Which of the following correctly describes retained earnings?  
 

A. It is the cumulative earnings of a company.

B. It represents the investments by stockholders in a company.

C. It equals total assets minus total liabilities.

D. It is the cumulative earnings of a company less dividends declared.

53.Which of the following statements is ? 
 

A. The benefits of providing financial reporting information should outweigh the costs.

B. An item is considered relevant if it has the ability to influence a decision.

C. Information is considered to be faithfully represented when it is complete, neutral, and free from error.

D. Accounting information should be reported in the national monetary unit with adjustment for inflation.

54.Which of the following describes the primary objective of financial accounting? 
 

A. To provide useful financial information only to stockholders.

B. To provide information about a business' future business strategies.

C. To provide useful financial information about a business to help external parties make informed decisions.

D. To provide useful financial information about a business to help internal parties make informed decisions.

55.For accounting information to be useful, it must be which of the following? 
 

A. It must be consistent and comparable.

B. It must be a faithful representation and relevant.

C. It must be comparable and reliable.

D. It must be relevant and consistent.

56.Which of the following would not be considered a current asset? 
 

A. Inventory.

B. Prepaid expenses.

C. Land used in daily operations.

D. Accounts receivable.

57.Which of the following statements is ? 
 

A. Contributed capital is a noncurrent asset.

B. Current liabilities are debts expected to be paid within the next year.

C. Current assets are resources of a company that might include cash and copyrights.

D. Patents, copyrights, and research and development expense are classified as intangible assets on the balance sheet.