You have been asked to review the december 31, 2016, balance sheet for champion cleaning. after completing your review, you list the following three items for discussion with your superior:
1.
an investment of $38,000 is included in current assets. management has indicated that it has no intention of liquidating the investment in 2017.
2.
a $180,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10, equal annual installments with the first installment due on march 31, 2017.
3.
deferred revenue of $84,000 is included as a current liability even though only two-thirds will be earned in 2017, and the other one-third in 2018.
determine the appropriate amount and classification for each of these items. (if not entry is required for classification, choose "no entry".)
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worksheetlearning objective: 03-02 identify and describe the various balance sheet asset classifications.
difficulty: 2 mediumlearning objective: 03-03 identify and describe the two balance sheet liability classifications.

Reliability and validity reliability and validity are two important considerations that must be made with any type of data collection. reliability refers to the ability to consistently produce a given result. in the context of psychological research, this would mean that any instruments or tools used to collect data do so in consistent, reproducible ways. unfortunately, being consistent in measurement does not necessarily mean that you have measured something correctly. to illustrate this concept, consider a kitchen scale that would be used to measure the weight of cereal that you eat in the morning. if the scale is not properly calibrated, it may consistently under- or overestimate the amount of cereal that’s being measured. while the scale is highly reliable in producing consistent results (e.g., the same amount of cereal poured onto the scale produces the same reading each time), those results are incorrect. this is where validity comes into play. validity refers to the extent to which a given instrument or tool accurately measures what it’s supposed to measure. while any valid measure is by necessity reliable, the reverse is not necessarily true. researchers strive to use instruments that are both highly reliable and valid.