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  • August 25, 2024
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Intermediate Accounting Chapter 3 Exam | Questions And Answers Latest {2024- 2025}
A+ Graded | 100% Verified




Balance Sheet - a position statement that presents an organized list of assets, liabilities, and equity at a
particular point in time



Book Value - assets minus liabilities as shown in the balance sheet



Liquidity - period of time before an asset is converted to cash or until a liability is paid



Long Term Solvency - the riskiness of a company with regard to the amount of liabilities in its capital
structure



Operating Cycle - period of time necessary to convert cash to raw materials, raw materials to finished
product, the finished product to receivables, and then finally receivables back to cash



Cash Equivalents - certain negotiable items such as commercial paper, money market funds, and U.S.
Treasury bills that are highly liquid investments quickly convertible to cash



Short-Term Investments - investments not classified as cash equivalents that will be liquidated in the
coming year or operating cycle, whichever is longer



Accounts Receivable - receivables resulting from the sale of goods or services on account



Notes Receivable - receivables supported by a formal agreement or note that specifies payment terms



Inventories - goods awaiting sale (finished goods), goods in the course of production (work in progress),
and goods to be consumed directly or indirectly in production (raw materials)



Prepaid Expense - represents an asset recorded when an expense is paid in advance, creating benefits
beyond the current period

, Investments - assets not used directly in operations



Property, Plant, and Equipment - land, buildings, equipment, machinery, autos, and trucks; tangible,
long-lived assets used in the operations of the business



Intangible Assets - generally represent exclusive rights that a company can use to generate future
revenues



Current Assets - include cash and all other assets expected to become cash or be consumed within one
year or the operating cycle, whichever is longer



Assets - probable future economic benefits obtained or controlled by a particular entity as a result of
past transactions or events



Liabilities - probable future sacrifices of economic benefits arising from present obligations of a
particular entity to transfer assets or provide services to other entities in the future as a result of past
transactions or events



Current Liabilities - usually include accounts & notes payable, unearned revenues, accrued liabilities, and
the current maturities of long-term debt



Current Liabilities - expected to require current assets and usually are payable within one year



Notes Payable - promissory note that obligates the issuing corporation to repay a stated amount at or by
a specified maturity date and to pay interest to the lender between the issue date and maturity



Accounts Payable - obligations to suppliers of merchandise or of services purchased on an open account



Unearned Revenues - cash received from a customer in one period for goods or services that are to be
provided in a future period

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