21) The basis for classifying assets as current or noncurrent is convers ion to cash with A. the accounting cycle or one year, whichever is longer B. the accounting cycle or one year, whichever is shorter C. the operating cycle or one year, whichever is longer. D. the operating cycle or one year, whichever is shorter. ich of the following is not a method to disclose information on the Balance Sheet: Cross reference and contra items 22) Whi A. B. Parenthetical explanations C. Supporting schedules D. All of these are methods of disclosing pertinent information 23) The correct order to present current assets on the Balance Sheet is A. cash, inventories, accounts receivable, prepaid items, marketable securities. B. cash, marketable securities, accounts receivable, inventories, prepaid items C. cash, marketable securities, accounts receivable, prepaid items, inventories. D. cash, marketable securities, inventories, prepaid items, accounts receivable. 24)Which of the following is NOT a contra account? A. B. C. D. Accumulated depreciation Premium on bonds payable Sales Discounts Treasury Stock 25) Which of the following is a limitation of the balance sheet? a. Many items that are of financial value are omitted b. Judgments and estimates are used. c. Current fair value is not reported. d. All of these 26) The balance sheet is useful for analyzing all of the following except a. liquidity. b. solvency c. profitability d. financial flexibility