JWMI 530 Financial Management I Knowledge Check 2 Quiz, 2021/22 Complete Solution Guide.

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JWI 530 Knowledge Check 2  Question 1 0.4 out of 0.4 points The balance sheet has two sections. In a side-by-side presentation: [Assets] are on the left [Liabilities] are on the right Selecte... d Answer: The balance sheet has two sections. In a side-by-side presentation: Assets are on the left Liabilities are on the right Correct Answer: The balance sheet has two sections. In a side-by-side presentation: Assets are on the left Liabilities are on the right Response Feedback: Assets are shown on the left side or above; Liabilities (and Owner's Equity) are show on the right side or below  Question 2 0.4 out of 0.4 points Match each balance sheet category with the correct corresponding account types. o Question Correct Match Selected Match Assets B. Cash, accounts receivable and inventory, equipment, buildings, real estate B. Cash, accounts receivable and inventory, equipment, buildings, real estate Liabilities A. A. Loans, accounts payable, mortgages, and deferred/prepaid revenues Loans, accounts payable, mortgages, and deferred/prepaid revenues Equity C. Common stock, preferred shares, paidin capital, retained earnings, treasury stock C. Common stock, preferred shares, paidin capital, retained earnings, treasury stock o  Question 3 0 out of 0.4 points Financial Statements like the Balance Sheet are required to have standard titles and formats. Match the correct phrases - in the correct sequence - with the 3 lines on a Balance Sheet for "Company ABC": o Questio n Correct Match Selected Match Line 1: F. Company ABC F. Company ABC Line 2: A. Balance Sheet A. Balance Sheet Line 3: C. As of 12/31/2015 D. For the Year ended 12/31/2015 o Response Feedback: The correct phrases and sequence of the 3 lines on a Balance Sheet are: o Line 1: Company ABC o Line 2: Balance Sheet o Line 3: As of 12/31/2015  Question 4 0.4 out of 0.4 points Match each term with the correct definition. o Question Correct Match Selected Match Liquidity A. The ability to meet current obligations with cash or other assets that can be quickly converted to cash in order to pay bills as they come due. A. The ability to meet current obligations with cash or other assets that can be quickly converted to cash in order to pay bills as they come due. Insolvency C. Not having enough money to pay the bills as they come due. C. Not having enough money to pay the bills as they come due. Leverage B. The ability to use borrowed money to put into a business. B. The ability to use borrowed money to put into a business. Write-off D. Removing an amount from the balance sheet. D. Removing an amount from the balance sheet. o  Question 5 0.4 out of 0.4 points Based on the balance sheet, what type of organization is this? [Show More]

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