ACCT 304 DeVry Week 2 Complete Work Latest

ACCT 304 DeVry Week 2 DQ 1 Balance Sheet- Purpose and Uses

The balance sheet is one of the first financial statements I turn to when reviewing a company. You can learn a lot about a company by looking at its balance sheet. The balance sheet is also called the statement of financial position. Why is this? What is the purpose of the balance sheet?

ACCT 304 DeVry Week 2 DQ 2 Disclosure Notes

Disclosures are required to elaborate on certain items that are presented in summarized form in the financial statements. There are specific disclosure notes that are required to be present in all financial statements, while others may be unique to the disclosure needs of a particular company.

Let’s start by discussing the three required disclosures. Please pick one and explain what information is to be included in the note:

Summary of Significant Accounting Policies
Subsequent Events
Third Party Transactions
ACCT 304 DeVry Week 2 Quiz

(TCO 4) Current assets include cash and all click here other assets expected to become cash or be consumed

within one year.

within one operating cycle.

within one year or one operating cycle, whichever is shorter.

within one year or read more one operating cycle, whichever is longer.

Question 2. ACCT304Week2 Question : (TCO 4) Rent collected in advance is

an asset account in the balance sheet.

a liability account in the balance sheet.

a shareholders’ equity account in the balance sheet.

a temporary account that is not in the balance sheet at all.

Question 3. Question : (TCO 4) Janson Corporation Co.’s trial balance included the following account balances at December 31, 2011:

What amount should be included in the long-term liability section of Janson’s December 31, 2011 balance sheet?





Question 4. Question : (TCO 4) Which of the following would be disclosed in the summary of significant accounting policies disclosure note?

Option A

Option B

Option C

Option D

Question 5. Question : (TCO 4) Below is the partial balance sheet ($ in thousands) for Paisano Seafood Inc.

The current ratio (rounded) is





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