Classified Balance Sheets Commonly Include the Following Categories

question 283

Multiple Choice

Classified balance sheets commonly include the following categories:
A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
G. Equity.
Match the typical classification of each item below with its correct balance sheet category (A through G) .
-Wages Payable

• A)G
• B)B
• C)A
• D)C
• E)F
• F)D
• G)E

Learn about the conditions under which a corporation can be subject to involuntary dissolution.

Understand the mechanisms available to shareholders to exercise their appraisal rights and the procedures for determining the value of dissenting shareholders' shares.

Understand the application and scope of the business judgment rule in corporate governance and liability scenarios.

Acquire knowledge about the Revised Model Business Corporation Act and its adoption across states.

---

Definitions:

Ratification

The action of officially approving or confirming an agreement or act, making it valid.

Apparent Authority

Authority as suggested to a third party by the conduct of a principal; may exist even when there is no actual authority.

Real Estate Salesman

A professional licensed to negotiate and arrange real estate sales; works under a broker's supervision.

Computer Programmer

A professional who writes and tests code that allows computer applications and software programs to function.