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196 Multiple choice questions

  1. Relevance
  2. Their fair values or the fair value of the equity securities, whichever is more reasonably determinable.
  3. Debiting assets.
  4. Consensus
  5. A credit to liability.
  6. 1,600,000
  7. A liability account in the balance sheet.
  8. Inventory 2000
    Accounts Payable 2000
  9. Making decisions.
  10. An accrued receivable transaction.
  11. Disclosure notes to financial statements.
  12. False
  13. Cannot determine its classification without additional information.
  14. Is an approximation of the average debt a firm would have outstanding if it financed all construction through debt.
  15. Verifiability.
  16. A debit to a liability.
  17. Accrual accounting.
  18. False
  19. The excess of the fair value of a business over the fair value of all net identifiable assets.
  20. False
  21. The higher of the present value of estimated future cash flows and the fair value less costs to sell.
  22. Cash
    Unearned Revenue
  23. All of the above pertain to accounting for asset retirement obligations.
  24. Conservatism.
  25. Paid-in capital.
  26. Maintenance
  27. Systematic and rational.
  28. Emphasizes the overarching concept of the financial statements providing a "true and fair representation" of the company.
  29. Fair value less estimated costs to sell.
  30. Definition.
  31. An adverse opinion.
  32. Income tax expense.
  33. The greater of the percentage-of-revenue method or the straight-line method.
  34. Cash flow precedes expense recognition.
  35. Cash not available for current operations.
  36. Verifiability
  37. Straight-line.
  38. Land held for a possible future plant site.
  39. False
  40. A - L - OE = 0.
  41. Paid-in capital.
  42. matching principle
  43. An increase in other comprehensive income.
  44. 52,400
  45. Is handled prospectively.
  46. Interest receivable 175
    Interest revenue 175
  47. A prospective change from the current year through the remainder of its useful life.
  48. Periodicity
  49. All refer to the process of allocating the cost of long-term assets used in the business over future periods.
  50. Knowingly classifying a material noncurrent receivable as a current receivable.
  51. All of the above are correct.
  52. Depreciation on a research and development facility.
  53. Full disclosure.
  54. Plus net income, minus dividends.
  55. Balances in temporary accounts to a permanent account.
  56. True
  57. Cash-generating unit.
  58. Copyright
  59. True
  60. Natural resources.
  61. The excess of its cost over residual value.
  62. 450,000
  63. Cash 12000
    Unearned Revenue 12000
  64. The matching principle.
  65. Cost-effectiveness.
  66. The company recognizes the obligation at fair value when the asset is acquired.
  67. Include allocated indirect costs just as they are for production of products.
  68. Whether or not there is specific borrowing for the construction.
  69. $300,000.
  70. $40,000
  71. $40,000.
  72. Goodwill
  73. Materiality
  74. Objective and qualitative characteristics.
  75. A prepaid expense transaction.
  76. Relevance and cost-effectiveness.
  77. Credit to capital stock.
  78. Monetary unit.
  79. Interest expense 120
    Interest payable 120
  80. Debiting an expense.
  81. Fair value.
  82. True
  83. Is determined by time-weighting individual expenditures made during the asset construction period.
  84. Maintenance costs during the first 30 days of use.
  85. An asset.
  86. Could be greater than or less than net income
  87. Are the excess of the cash proceeds over the book value of the assets sold.
  88. (S)he usually debits an expense account.
  89. Accrued income taxes payable.
  90. $1,800,000.
  91. Asset's book value exceeds the undiscounted sum of expected future cash flows.
  92. Capitalized if certain criteria are met.
  93. True
  94. All of the above are correct.
  95. False
  96. Salaries payable.
  97. Generally pertain to activities that occur prior to the start of production.
  98. $36,000.
  99. Valued at the present value of the payments required by the contract.
  100. Faithful representation.
  101. Supplies
  102. Increases in equity from peripheral transactions of an entity.
  103. Expensed in the period incurred.
  104. $(5,000).
  105. $16,000,000.
  106. Comparability and timeliness.
  107. An expense account.
  108. $8,000.
  109. Provides the auditor's opinion on the effectiveness of internal control.
  110. Impaired because its book value exceeds undiscounted future cash flows.
  111. $477,000.
  112. True
  113. Could be a product cost or a period cost depending on the use of the asset.
  114. Timeliness
  115. $10,000 credit.
  116. Going concern assumption.
  117. Cost of goods sold
  118. Explicitly stated interest.
  119. Cost-benefit approach.
  120. Within one year or one operating cycle, whichever is longer.
  121. Those who have a reasonable understanding of business and economic activities
  122. Accumulated depreciation.
  123. Long-term revenue-producing assets.
  124. Their relative fair values.
  125. An expense recognition accounting principle.
  126. The fair value of the equipment surrendered exceeds the book value of the equipment given up.
  127. Cost of goods sold.
  128. GAAP- Capitalize
    IFRS- Expense
  129. Significant.
  130. True
  131. True
  132. Fair value of the asset(s) given up.
  133. $92,400.
  134. $61,000.
  135. 450,000
  136. 300,000
  137. It is a measure used in accrual accounting and is recognized as the best predictor of future operating cash flows
  138. Accrual accounting.
  139. 300,000
  140. Salaries expense 22400
    Salaries payable 22400
  141. Verifiability
  142. All of the above
  143. An expense recognition accounting principle
  144. A change in the estimated useful lives of equipment in January 2014.
  145. Advertising expense.
  146. Trademark
  147. Involves a two-step process for recoverability and measurement.
  148. Debit to investments.
  149. 1,245,000
  150. Thirty months.
  151. Expensed in the period incurred.
  152. Includes serving as a guide for practitioners when a specific standard does not apply.
  153. Depreciating equipment.
  154. Double-declining balance.
  155. Occur after revenue or expense recognition.
  156. Debt instruments with maturity dates of less than three months from the date of the purchase.
  157. 260,000
  158. Faithful representation and relevance.
  159. An unearned revenue transaction.
  160. A prospective change from the current year through the remainder of its useful life, using the new estimates.
  161. $85,000.
  162. Cost-effectiveness
  163. Unearned subscription revenue 16200
    Subscription revenue 16200
  164. Result from services received before payment.
  165. Interest expense.
  166. Capital providers
  167. Consistency
  168. Equipment
  169. Going concern.
  170. All of the above are correct.
  171. Debit to note receivable.
  172. Inventories routinely and repetitively produced in large quantities.
  173. $455,000.
  174. Prepaid rent
  175. False
  176. False
  177. False
  178. The earnings process is complete and collection is reasonably assured.
  179. True
  180. Counting an inventory item twice when taking a physical inventory.
  181. Emphasizes the overarching concept of the financial statements providing a "true and fair representation" of the company.
  182. Undiscounted expected cash flows.
  183. Cost, residual value, and service life.
  184. Recognition and measurement concepts in accounting.
  185. $(4,000).
  186. Materiality.
  187. Fair value.
  188. $54,000.
  189. Accumulated depreciation.
  190. Trademark
  191. Paying wages to company employees.
  192. Data to adjust the financial statements so that they are not misleading.
  193. False
  194. 18,000
  195. True
  196. All of the above are normally capitalized.