ACCT 550

Question : (TCO A) Financial information demonstrates consistency when Question : (TCO A) The cash method of accounting Question : (TCO A) Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information? Question : (TCO A) Information is neutral if it Question : (TCO A) Which of the following is not a basic element of financial statements? Question : (TCO A) Which basic element of financial statements arise...

ACCT 550 Week 1 Quiz Question: What is a major objective of financial reporting? Question: On April 4, 2016 Kate Inc. paid an amount of $1,400 to Mont Inc. for office supplies purchased on account in the month of March 2016. The effect of this transaction is Question: Supreme C an office secretary ……. What journal entry Supreme should record on July 6, 2015. Question : MyLooks Co. sold merchandise on credit to one of its customers for $250 on 3/12/2016. Customer paid $130 on 4/5/2016. How sh...

Question : Information in the income statement helps users to Question : Which of the following items will not appear in the retained earnings statement? Question : Unfortunate Intinued a segment of its business at a loss of $500,000……..Unfortunate is 30% Question : Gross sales by International Company to its customers last year amounted to $630,000; sales returns and allowances were $24,000, sales discounts were $30,000, and freight-out was $ 4,000. Net sales last year for Big Company were ...

ACCT 550 Week 3 Quiz Question : For Grand Company, the following ……., intangible assets should be reported at Question : Stine Corp.’s trial balance reflected the following account balances at December 31, 2015: Accounts receivable (net) $24,000 Trading securities 6,000 Accumulated depreciation on equipment and furniture 15,000 Cash 14,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 3,000 Land held for future use and not currently used in business $82,000 How much shoul...

ACCT 550 Week 6 Quiz Question : Messersmith Company is constructing a building. …… Messersmith made payments to the construction company of$175,000 on 1/1/14, $900,000 on 5/1/14, $1,000,000 on 10/1, and $2,000,000 on 12/31. Average accumulated expenditures were Question : Hoyle Company traded machinery with a cost of $360,000 and accumulated depreciation of $120,000 for a new machinery in exchange from Durler Company with a fair value of $280,000. Hoyle also paid cash of $15,000. Assuming th...