ACCT 301A - CSUF WILEY FINAL EXAM | COMPLETE AND GRADED
QUESTIONS AND ANSWERS 2026 LATEST UPDATED | 100% GRADED
CORRECT | 100% GUARANTEED TO PASS | GET A+
If a company uses the gross method of recording accounts receivable from customers, then sales
discounts taken s could be recoded as.... - (ANSWER)a deduction from sales in the income
statement
GAAP specifies, regarding the amortization of a premium or discount on a debt security, the... -
(ANSWER)effective interest method allocation should be used but other methods can be applied
if there is no material difference in the results obtained
Which of the following costs are capitalized for self-constructed assets? - (ANSWER)Materials,
labor and overhead directly rerouted to construction only
Which of the following is not considered cash for financial reporting purposes? -
(ANSWER)posted checks and IOUs
Why do companies provide trade discounts? - (ANSWER)to avoid frequent charges in catalogs
and to easily alter prices for different customers
, Which of the following statements is true regarding recovery of impairment on an intangible
asset? - (ANSWER)GAAP allows for recovery of impairment for asters help up for sale up to
net realizable value
Plant assets purchases on long-term credit contracts should be accounted for at... -
(ANSWER)the present value of the future payments
Debt securities acquired by a corporation which are accounted for by recognized unrealized
holding gains or losses as other comprehensive income and as a stockholders' equity are... -
(ANSWER)avaliable-for-sale debt securities
The notes to the financial statements should include info about acquired intangible asset and
aggregate amortization expense for how many succeeding years? - (ANSWER)5 years
In a business combination, companies record identifiable intangible assets that they can reliably
measure. All other intangible assets, too difficult to identify or measure re recorded as .... -
(ANSWER)goodwill
the coverability test compares... - (ANSWER)the carrying value of the asset to its undercounted
expected future net cash flows
QUESTIONS AND ANSWERS 2026 LATEST UPDATED | 100% GRADED
CORRECT | 100% GUARANTEED TO PASS | GET A+
If a company uses the gross method of recording accounts receivable from customers, then sales
discounts taken s could be recoded as.... - (ANSWER)a deduction from sales in the income
statement
GAAP specifies, regarding the amortization of a premium or discount on a debt security, the... -
(ANSWER)effective interest method allocation should be used but other methods can be applied
if there is no material difference in the results obtained
Which of the following costs are capitalized for self-constructed assets? - (ANSWER)Materials,
labor and overhead directly rerouted to construction only
Which of the following is not considered cash for financial reporting purposes? -
(ANSWER)posted checks and IOUs
Why do companies provide trade discounts? - (ANSWER)to avoid frequent charges in catalogs
and to easily alter prices for different customers
, Which of the following statements is true regarding recovery of impairment on an intangible
asset? - (ANSWER)GAAP allows for recovery of impairment for asters help up for sale up to
net realizable value
Plant assets purchases on long-term credit contracts should be accounted for at... -
(ANSWER)the present value of the future payments
Debt securities acquired by a corporation which are accounted for by recognized unrealized
holding gains or losses as other comprehensive income and as a stockholders' equity are... -
(ANSWER)avaliable-for-sale debt securities
The notes to the financial statements should include info about acquired intangible asset and
aggregate amortization expense for how many succeeding years? - (ANSWER)5 years
In a business combination, companies record identifiable intangible assets that they can reliably
measure. All other intangible assets, too difficult to identify or measure re recorded as .... -
(ANSWER)goodwill
the coverability test compares... - (ANSWER)the carrying value of the asset to its undercounted
expected future net cash flows
