Selected terms related to the statement of financial

position which #947

Selected terms related to the statement of financial position, which were discussed in Chapters
2 through 5, are listed below. Match each definition with its related term by entering the
appropriate letter in the space provided.Terms(1) Retained earnings(2) Current liabilities (3)
Liquidity(4) Contra- asset account(5) Accumulated depreciation(6) Intangible assets(7) Other
assets(8) Shares outstanding(9) Normal operating cycle(10) Carrying amount (11) Contributed
surplus (12) Liabilities (13) Non- current assets (14) Shareholders’ equity (15) Current
assets(16) Assets(17) Non- current liabilitiesDefinitionsA. A miscellaneous category of assets.
B. Amount of contributed capital for which shares were not issued. C. Total assets minus total
liabilities. D. Nearness of assets to cash (in time). E. Assets expected to be collected in cash
within one year or the operating cycle, if longer. F. Same as book value; cost less accumulated
depreciation to date. G. Accumulated earnings minus accumulated dividends. H. Asset offset
account (subtracted from asset). I. Balance of the common shares account divided by the issue
price per share. J. Assets that do not have physical substance.K. Probable future economic
benefits owned by the entity from past transactions. L. Liabilities expected to be paid out of
current assets, normally within the next year. M. The average cash- to- cash time involved in the
operations of the business.N. Sum of the annual depreciation expense on an asset from the
date of its acquisition to the current date.O. All liabilities not classified as current liabilities.P.
Property, plant, and equipment.Q. Debts or obligations from past transactions to be paid with
assets or services.R. None of the above.View Solution:
Selected terms related to the statement of financial position which

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