The Asset Section of the Balance Sheet Normally Presents Assets

question 57

Multiple Choice

The asset section of the Balance Sheet normally presents assets in

• A) alphabetical order.
• B) order of largest to smallest dollar amounts.
• C) in the order what will be converted into cash.
• D) any order.

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Definitions:

Last Clear Opportunity

A legal principle in some tort law jurisdictions that allows the defendant to be exempted from liability if it can be shown they had no final clear chance to avoid the accident.

Comparative Negligence

A principle of tort law that reduces the amount of damages a plaintiff can recover in a negligence-based lawsuit, proportionate to the plaintiff's degree of fault.

Res Ipsa Loquitur

A legal principle that allows for the presumption of negligence in a lawsuit based on the nature of the accident, even without direct evidence of the defendant's fault.

Lack of Due Care

The failure to act with the level of care that someone of ordinary prudence would have exercised under the same circumstances, leading to negligence.