Problem child questions

49 terms by mgiloi 

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The primary focus for financial accounting information is to provide information useful for:

A. Yes yes

SFAC No. 5 focuses on

C Recognition and measurement concepts

the main issue in the debate over accounting for employee stock options was:

B. The amount of compensation expense that a company should receive

Fundamental qualitative characteristics of accounting info are:

C. Faithful representation and relevance

Enhancing qualitiative characteristics of accounting are:

B. Comparability and timeliness

A sale on account would be recorded by:

D. Debited assets

Recording revenue earned from a customer, but not yet collected, is an example of

D. an accrued receivable transaction

Accruals occur when cash flows

B. Occur after revenue or expense recognition

when converting an income statement from a cash basis to an accrual basis, expenses:

D. May exceed or be less than cash payments to suppliers

Compared to the accrual basis of accounting, the cash basis of accounting produces a higher amount of income by the net decrease during the accounting period of

A. Yes No

Popson Inc.

C

Mercedes 3000000 and 2500000

B. 2500000

Mercedes 3000000 and 3500000

A. 2000000 loss

The financial statement presentation of a change in reporting equity is most similar to the reporting of a:

D. Correction of a material error discovered after the year the error was made

Each of the following would be reported as items of other comprehensive income except

D. Gains from the sale of equipment

Reporting comprehensive income in the US can be accomplished by which of the following methods

D. All of the above are acceptable methods

Change statements include a

C. Cash flow, income, RE

Operating cash outflows would include

D. Purchases of inventory

In a statement of cash flows prepared under IFRS, each of the following items is typically classified as a financing cash flow except

D. Dividends received

Fox Trot (income loss)

C.

Fox Trot (income taxes)

B

Foxtrot 40

10.8

Foxtrot 80

6

Cost of purchases in a perpetual system

C. Inventory

Cost of purchases in a periodic system

A. Purchases

Cost of inventory sold in a perpetual system

C. Debited to CGS

Cost of inventory sold in a periodic system

D. Not recorded at time

Purchase discounts lost in GROSS

A Included in purchases

Purchase discounts lost in NET

C. Included in interest

Northwest Fur EI Gross

112500

Northwest Fur CGS Gross

D. 492500

CBC EI GROSS

C. 15480

CBC CGS GROSS

C. 331480

Fulbright EI AVERAGE

707

Fulbright EI FIFO

600

Fulbright EI LIFO

1000

Nu Company FIFO

288

Nu Company LIFO

144

Nueva FIFO

372

Nueva LIFO

264

Herb's Chemicals EI LIFO PERIODIC

A. 5040

Herb's Chemical EI LIFO PERPETUAL

B. 5060

Herb's Chemicals EI FIFO

A. 5140

Herb's Chemicals EI AVERAGE

A. 5087

Texas EI LIFO PERIODIC

D. 1470

Texas EI LIFO PERPETUAL

A. 1545

Badger 2011

B 121000

Badger 2012

C. 11000

Badger 2013

B. 129800

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