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3551 Chapter 4 Quiz

Terms in this set (10)

which of the following is a probable future sacrifice of economic benefits arising from present obligations as a result of past events
liability
a balance sheet account that is usually reported at fair value is
marketable securities
which financial statement is also called the statement of financial position
the balance sheet
which of the following assets is reported at net realizable value on the balance sheet ?
accounts receivable
the residual interest in a company's assets after deducting liabilities is
equity
what element is a probable future economic benefit controlled and previously acquired by a company
asset
which of the following statements about fair value is true
fair value accounting is also known as "mark-to-market" accounting
a balance sheet account that is usually reported at present value is
note payable
which of the following elements is not recognized on the balance sheet ?
expense
all of the following are non-monetary assets except
accounts receivable
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