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ACCT 5110 Study guides, Class notes & Summaries
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ACCT 5110 Exam 1 Review Questions and Answers 2024
- Exam (elaborations) • 10 pages • 2024
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Funds a company receives from shareholders are often called: 
 
Paid-in capital 
Net income 
Dividends 
Retained earnings - Paid-in capital 
 
The Securities and Exchange Commission creates accounting standards. T/F - False 
 
Privately held companies must produce financial statements that conform to U.S. GAAP. T/F - False 
 
According to the FASB, accounting information should be (choose up to four answers): 
 
Comparable 
Reliable 
Conservative 
Timely - Comparable 
Reliable 
Timely 
 
The mai...
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ACCT 5110 (graded A+ and with available accurate solutions
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An accrued expense is an expense - ANSincurred but not paid 
 
Recognition - ANSthe process of formally recording and reporting an item in the financial statements of a company 
 
To be relevant an earnings report is expected to have - ANSpredictive and confirmatory value 
 
Conservatism - ANSaccruing net losses on obsolete inventory 
 
A constraint on useful information - ANSbenefits > costs 
 
An example of conservatism - ANSlower of cost or market 
 
The idea that information should ...
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Intermediate II Accounting (graded A+ and with accurate answers)
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Companies' motivations for investing in debt or equity securities issued by other companies: - ANS1) To earn a high rate of return 
2) To secure certain operating or financing arrangements with another company 
 
How to provide useful information - ANSCompanies account for investment based on the type of security (debt or equity) and their intent with respect to the investment. 
 
Debt securities - ANSFinancial securities that represent a creditor relationship with another entity. Examples a...
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ACCT 5110 With accurate answers available and graded A+
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After formulating a strategic plan, a company will engage in what three types of activities? - ANSFinancing, investing, and operating 
 
What is Financial Reporting? - ANSThe process of communicating financial accounting information to existing and potential investors, creditors, lenders, and other external decision makers. 
 
When making decisions, equity investors are interested in assessing - ANSthe company's ability to generate cash flows, 
management's ability to increase the capital ...
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ACCT 5110 (graded A+ and with verified solutions available)
- Exam (elaborations) • 11 pages • 2023
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Available in package deal
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Funds a company receives from shareholders are often called: 
 
Paid-in capital 
Net income 
Dividends 
Retained earnings - ANSPaid-in capital 
 
The Securities and Exchange Commission creates accounting standards. T/F - ANSFalse 
 
Privately held companies must produce financial statements that conform to U.S. GAAP. T/F - ANSFalse 
 
According to the FASB, accounting information should be (choose up to four answers): 
 
Comparable 
Reliable 
Conservative 
Timely - ANSComparable 
Reliable 
T...
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ACCT 5110 questions and answers with a grade of A+ and verified solutions
- Exam (elaborations) • 23 pages • 2023
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Which of the following statements is INCORRECT concerning traditional ABC? 
A. It assigns only the cost of used capacity to products 
B. All of these statements are correct 
C. It is expensive to build and maintain 
D. It provides better results than a system which uses volume-based drivers 
E. It is difficult to modify the system after it is in place - ANSA. It assigns only the cost of used capacity to products 
 
Which of the following statements is CORRECT? The capacity cost rate in TDABC: 
...
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