Acct i s 100 Study guides, Class notes & Summaries

ACCT 346 Week 8 Final Exam (TCO 6) Preparing purchase orders is a(n) unit-level batch-level facility-level product-level (TCO 4) When the activity level is expected to decr ease within the relevant range, what effects would be anticipated with respect to each of the following? Fixed costs per unit decrease and variable costs in total decrease Fixed costs per unit increase and variable costs in total increase Fixed costs per unit increase and variable costs per unit decrease Fixed costs per unit ...

I. MULTIPLE CHOICE 1. The book value of a plant asset is the difference between the a) Cost of the asset and the yearly depreciation expense b) Replacement cost of the asset and its historical cost c) Proceeds received from the sale of the asset and its original cost d) Purchase price of the asset and the sum of the yearly depreciation to date 2. If bonds are issued at a discount, then over the life of the bonds, the a) Face value of the bonds will decrease b) Carrying value of the bonds...

Liberty University ACCT 370 Exam 2 Complete solution Liberty University ACCT 370 Exam 2 Complete solution 100% satisfied: solutions 1. The Common Stock account is reported on the balance sheet at the: 2. The time that the performance obligation is satisfied for revenue recognition is usually: 3. When reporting a change in an accounting principle, the general rule requires that the current year’s income from continuing operations reflect: 4. Using the same accounting methods to recor...

Exam (elaborations) Liberty University ACCT 370 Exam 3 Complete solution Liberty University ACCT 370 Exam 3 Complete solution 100% satisfied: solutions 1. Under IFRS, deferred taxes: 2. Which of the following items used for resolving intra-firm comparisons is not generally disclosed? 3. Which of the following does not properly describe the presentation by the lessor under ASC 842? 4. Which of the following statements is correct with respect to the use of fair value accounting for lia...

Advanced Questions and Answers For CFA Course 2023 faithful representation, substance over form, prudence, neutrality, completeness - CORRECT ANSWER-According to the IFRS what are the 5 qualities of financial information that improve reliability Costs can be reliably measured - CORRECT ANSWER-According to IFRS what condition must be met for revenue recognition to occur? Current ratio will decrease. Accruing wages increases both current liabilities and expenses, but collecting recei...

faithful representation, substance over form, prudence, neutrality, completeness - Answer- According to the IFRS what are the 5 qualities of financial information that improve reliability Costs can be reliably measured - Answer- According to IFRS what condition must be met for revenue recognition to occur? Current ratio will decrease. Accruing wages increases both current liabilities and expenses, but collecting receivables has no effect on current assets or sales therefore the current r...

ACAMS Exam 75 Questions with Verified Answers Identify the 3 important tasks that FATF focuses on - CORRECT ANSWER 1. Spreading the anti-money laundering message worldwide 2. Monitoring implementation of the FATF Recommendations among FATF members 3. Reviewing ML trends and counters asures According to the FATF 40 Recommendations, the complete set of countermeasures against ML and TF cover what 5 elements? - CORRECT ANSWER 1. Identification of risks and development of appropriate polic...

A. Scope of Art 2 & 2A 1. Scope of Article 2 a. UCC Scope Provisions i. § 2-102-This chapter applies to transactions in goods… ii. § 2-105-“Goods”=all things that are movable at the ti me of identification to the contract for sale 1) including unborn animals, growing crops b. Art 2 “goods” Examples i. Creating a wedding dress, tailoring, though the goods don’t exist yet, sell puppies though don’t exist yet ii. NOT something intangible ex: stock in a company does not work despite ...

Breanna Morrow Professor Hollies Mercy College- Accounting Program ACCT 341- Exam #1 Part I- True/False Questions (20 points). 1. The United States Federal government has a provision in the Constitution which precludes deficit spending. a. True b. False 2. Longer class lives for depreciable property and the required use of straight- line method of depreciation would likely dampen the tax incentive for purchasing capital assets. a. True b. False 3. The favorable treatment of resea...

ACCT 431 CHAPTER 2 Auditing and Assurance Services, 15e (Arens) The CPA Profession Learning Objective 2-1 1) The legal right to perform audits is granted to a CPA firm by regulation of: A) each state. B) the Financial Accounting Standards Board (FASB). C) the American Institute of Certified Public Accountants (AICPA). D) the Audit Standards Board. Answer: A Terms: Legal rights to perform audits Diff: Moderate Objective: LO 2-1 AACSB: Reflective thinking skills 2) The four cate...