Exercise $3-15($Static$)$ Concepts; terminology $[$LO$3-2,3-3,3-4,3-6]$

Listed below are several terms and phrases associated with the balance sheet and financial disclosures. Select the item from List A that is most appropriately associated with the item shown in List B$.$

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|\}$

$\backslash$hline $\backslash$multicolumn$\{1\}\{|$c$|\}\{$ List A $\}$ & $\backslash \backslash$

$\backslash$hline Balance sheet & a$.$ Will be satisfied through the use of current assets. $\backslash \backslash$

$\backslash$hline Liquidity & b$.$ Items expected to be converted to cash or consumed within one year or the operating cycle, whichever is longer. $\backslash \backslash$

$\backslash$hline Unqualified opinion & c$.$ The statements are presented fairly in conformity with GAAP. $\backslash \backslash$

$\backslash$hline Balance sheet & d$.$ An organized array of assets, liabilities, and equity. $\backslash \backslash$

$\backslash$hline Current liabilities & e$.$ Important to a user in comparing financial information across companies. $\backslash \backslash$

$\backslash$hline Cash equivalent & f$.$ Scope limitation or a departure from GAAP. $\backslash \backslash$

$\backslash$hline Intangible asset & g$.$ Recorded when an expense is incurred but not yet paid. $\backslash \backslash$

$\backslash$hline Liquidity & h$.$ Refers to the ability of a company to convert its assets to cash to pay its current obligations. $\backslash \backslash$

$\backslash$hline Accrued liabilities & i$.$ Occurs after the fiscal year$-$end but before the statements are issued. $\backslash \backslash$

$\backslash$hline Summary of significant accounting policies & j$.$ Period of time from payment of cash to collection of cash. $\backslash \backslash$

$\backslash$hline Subsequent events & k$.$ One$-$month U$.$S$.$ Treasury bill. $\backslash \backslash$

$\backslash$hline Unqualified opinion & I. Current assets minus current liabilities. $\backslash \backslash$

$\backslash$hline Intangible asset & m$.$ Lacks physical substance. $\backslash \backslash$

$\backslash$hline & n$.$ Information about environmental, social, and governance factors related to company operations. $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$