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1. 
Current assets are those assets which management intends to convert into cash or consume within:
A.
The operating cycle
B.
One year
C.
The longer of (a) or (b)
D.
The shorter of (a) or (b)
2. 
The accountant's worksheet:
A.
lays the groundwork for formal financial statement preparation.
B.
is a fundamental financial statement.
C.
provides details necessary for full disclosure and the preparation of footnotes.
D.
is prepared at the end of each operating cycle.
3. 
In preparing a worksheet, a net loss would be computed and entered in the:
A.
debit column of the income statement columns of the worksheet.
B.
credit column of the income statement columns of the worksheet.
C.
in the debit column of the adjusted trial balance.
D.
in the credit column of the balance sheet columns of the worksheet.
4. 
If a company had a current ratio of 0.5, then which of the following statements regarding that company's working capital would be true?
A.
The company's working capital would be positive.
B.
The company's working capital would be zero.
C.
The company's working capital would be negative.
D.
The company's working capital would be 2:1.
5. 
On a classified balance sheet, the appropriate ordering of specific classifications is:
A.
Current assets; long-term investments; property, plant, and equipment; intangible assets; other assets.
B.
Current assets; property, plant, and equipment; long-term investments; intangible assets; other assets.
C.
Current assets; intangible assets; property, plant, and equipment; long-term investments; other assets.
D.
Current assets; other assets; long-term investments; intangible assets; property, plant, and equipment.