Match the following terms to the correct definitions. (a) Consolidated financial statements. (b) Current assets. (c) Depreciation.

Question:

Match the following terms to the correct definitions.

(a) Consolidated financial statements.

(b) Current assets.

(c) Depreciation.

(d) Deferred taxes.

(e) Allowance for doubtful accounts.

(f) Prepaid expenses.

(g) Current maturities.

(h) Accrued expenses.

(i) Finance lease.

(j) Market value of stock.

(1) Used up within one year or operating cycle, whichever is longer.

(2) Expenses incurred prior to cash outflow.

(3) An agreement to use assets that is in substance a purchase.

(4) Estimation of uncollectible accounts receivable.

(5) Cost allocation of fixed assets other than land.

(6) Expenses paid in advance.

(7) Combined statements of parent company and controlled subsidiary companies.

(8) Price at which stock trades.

(9) Difference in taxes reported and taxes paid.

(10) Portion of debt to be repaid during the upcoming year.

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Related Book For  book-img-for-question

Understanding Financial Statements

ISBN: 9780138114404

12th Edition

Authors: Lyn Fraser, Aileen Ormiston

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