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1. Which of the following is a limitation of the balance sheet? (Points: 1) Many items that are of financial value are omitted Judgments and estimates are used Current fair value is not reported All of the above

2. The balance sheet is useful for analyzing all of the following except _______________. (Points: 1) liquidity solvency profitability financial flexibility

3. The correct order to present current assets is _______________. (Points: 1) cash, accounts receivable, prepaid items, inventories cash, accounts receivable, inventories, prepaid items cash, inventories, accounts receivable, prepaid items cash, inventories, prepaid items, accounts receivable

4. The basis for classifying assets as current or noncurrent is the period of time normally required by the accounting entity to convert cash invested in (Points: 1) inventory back into cash, or 12 months, whichever is shorter. receivables back into cash, or 12 months, whichever is longer. tangible fixed assets back into cash, or 12 months, whichever is longer. inventory back into cash, or 12 months, whichever is longer.

5. The current assets section of the balance sheet should include _______________. (Points: 1) machinery patents goodwill inventory

6. An example of an item which is not an element of working capital is (Points: 1) accrued interest on notes receivable. goodwill. goods in process. temporary investments.

7. Stanton Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $363,000. What total amount should Stanton Company report as stockholders' equity? (Points: 1) $898,000. $998,000.…...

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