答案和详解如下： 1.Is the following statement an accurate description of the account format and report format of presenting a balance sheet? “The account format presents the asset, liability, and equity accounts in a single column while a report format presents the assets, liabilities, and equity in multiple columns.”
| Account format
| Report format
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A) No Yes B) Yes No C) Yes Yes D) No No The correct answer was D) The account format follows the traditional ledger account, assets on the left hand side and liabilities and equity on the right hand side. With a report format, the assets, liabilities, and equity are presented in a single column. 2.Which of the following statements about a classified balance sheet is least likely accurate? A classified balance sheet: A) presents the net equity of each asset by subtracting its related liability. B) distinguishes between current and noncurrent assets. C) groups accounts by subcategories. D) distinguishes between current and noncurrent liabilities. The correct answer was A) A classified balance sheet groups assets and liabilities by subcategories. It distinguishes between current and noncurrent assets and current and noncurrent liabilities. The assets and related liabilities are reported separately, they are not netted. 3.Are the following statements about balance sheet formats correct or incorrect? Statement #1 – The presentation formats of balance sheets vary from company to company.
Statement #2 – A classified balance sheet cannot follow an account format.
| Statement #1
| Statement #2
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A) Correct Correct B) Incorrect Incorrect C) Incorrect Correct D) Correct Incorrect The correct answer was D) The presentation formats of balance sheets vary by company. A classified balance sheet can be presented in a report format or an account format. | 
发表于 2008-4-11 17:00
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