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49 terms

Problem child questions

STUDY
PLAY
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