ACCT 301 QUESTIONS WITH VERIFIED ANSWERS
Identify the appropriate financial statement element or elements:
probable future sacrifices of economic benefits - Answers - Liabilities
Identify the appropriate financial statement element or elements:
probable future economic benefits owned by the company - Answers - Assets
Identify the appropriate financial statement element or elements:
inflows of assets from ongoing, major activities - Answers - Revenues
Identify the appropriate financial statement element or elements:
decrease in equity from peripheral or incidental transactions - Answers - Losses
Identify the accounting concept that applies to each statement.
SiriusXM Radio Inc. files its annual and quarterly financial statements with the SEC -
Answers - Periodicity Assumption
Identify the accounting concept that applies to each statement.
The president of Applebee's International, Inc., travels on the corporate jet for business
purposes only and does not use the jet for personal use - Answers - Economic Entity
Assumption
Identify the accounting concept that applies to each statement.
Jackson Manufacturing does not recognize revenue for unshipped merchandise even
though the merchandise has been manufactured according to customer specifications -
Answers - Revenue Recognition
Identify the accounting concept that applies to each statement.
Lady Jane Cosmetics depreciates the cost of equipment over their useful lives -
Answers - Expense Recognition
Identify the accounting concept that was violated in each of the following situations.
Identify the accounting concept that was violated in each of the following situations. -
Answers - Expense Recognition
Identify the accounting concept that was violated in each of the following situations.
McCloud Drug Company owns a patent that it purchased three years ago for $2 million.
The controller recently revalued the patent to its approximate market value of $8 million
- Answers - Historical Cost Assumption
Identify the accounting concept that was violated in each of the following situations.
Identify the appropriate financial statement element or elements:
probable future sacrifices of economic benefits - Answers - Liabilities
Identify the appropriate financial statement element or elements:
probable future economic benefits owned by the company - Answers - Assets
Identify the appropriate financial statement element or elements:
inflows of assets from ongoing, major activities - Answers - Revenues
Identify the appropriate financial statement element or elements:
decrease in equity from peripheral or incidental transactions - Answers - Losses
Identify the accounting concept that applies to each statement.
SiriusXM Radio Inc. files its annual and quarterly financial statements with the SEC -
Answers - Periodicity Assumption
Identify the accounting concept that applies to each statement.
The president of Applebee's International, Inc., travels on the corporate jet for business
purposes only and does not use the jet for personal use - Answers - Economic Entity
Assumption
Identify the accounting concept that applies to each statement.
Jackson Manufacturing does not recognize revenue for unshipped merchandise even
though the merchandise has been manufactured according to customer specifications -
Answers - Revenue Recognition
Identify the accounting concept that applies to each statement.
Lady Jane Cosmetics depreciates the cost of equipment over their useful lives -
Answers - Expense Recognition
Identify the accounting concept that was violated in each of the following situations.
Identify the accounting concept that was violated in each of the following situations. -
Answers - Expense Recognition
Identify the accounting concept that was violated in each of the following situations.
McCloud Drug Company owns a patent that it purchased three years ago for $2 million.
The controller recently revalued the patent to its approximate market value of $8 million
- Answers - Historical Cost Assumption
Identify the accounting concept that was violated in each of the following situations.
