Which should not be considered as a current asset

Reference no: EM132781390

Problem 1: The following are considered as characteristics of an asset, except

a. The cost of the asset can be measured reliably

b. The asset provides future economic benefits

c. The asset is the result of the future events

d. The asset is controlled by the entity

Problem 2: These are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

a. Liabilities

b. Assets

c. Equity

d. None of the above

Problem 3: Which of the following should not be considered as a current asset in the balance sheet?

a. Installment notes receivable due over 18 months in accordance with normal trade practice.

b. Prepaid taxes which cover assessments of the following operating cycle of the business.

c. Equity or debt securities purchased with cash available for current operations.

d. The cash surrender value of a life insurance policy carried by a corporation, the beneficiary, on its president.

Reference no: EM132781390

Questions Cloud

What line item under current assets : The trading securities and other investments in quoted equity instrument is an example of what line item under current assets?

Journalize any necessary entries for Conway Company : Note collected by bank with $450 interest 9,450. Journalize any necessary entries for Conway Company based on the bank reconciliation

Which is not acceptable presentation of current liabilities : Which is not an acceptable presentation of current liabilities? Offsetting current liabilities against assets that are to be applied to their liquidation

Which the notes payable should be reclassified as : If an entity expects and has the discretion to refinance on a long-term basis, Which the notes payable should be reclassified as

Which should not be considered as a current asset : Which should not be considered as a current asset in the balance sheet? The following are considered as characteristics of an asset, except

What is accounting and why is it important in business world : What is Accounting and why is it important in the business world? Describe the Accounting cycle with a flow chart and illustrate how accounting is carried out

Which refers to availability of cash over the longer term : Which refers to the availability of cash over the longer term to meet maturing obligations? It is ability of the entity to meet currently maturing obligation

Which appropriation for plant expansion is reported under : Which Appropriation for plant expansion is reported under? Which of the following must be included on the face of statement of financial position?

Which should be disclosed in the financial statements : Which should be disclosed in the financial statements as contingent liability? The entity has received a letter from a supplier complaining about an old unpaid

User Account

All Pages