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Full disclosure is desirable for all of the following reasons except

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Full disclosure is desirable for all of the following reasons except (Points: 4);it helps to prevent the inappropriate use of insider information;it helps financial markets to operate more efficiently;it helps financial markets to operate more cost effectively;it eliminates the need for financial analysis;40. In the Management Report contained in the audited annual report, management acknowledges its responsibility for all of the following except (Points: 4);preparing and presenting the financial statements;correcting all internal control deficiencies prior to issuance of the financial statements;designing and maintaining appropriate internal controls;evaluating the effectiveness of the internal controls;41. Extensible Business Reporting Language (XBRL) (Points: 4);is limited to the manual comparison of data reported in the SEC 10K report.;is expected to complete the development of its system of ?tags? for all U.S. GAAP in 10 years.;enables recognition and extraction of items of information for various analytical purposes;has been applied extensively by financial analysts for over 30 years;42. A difference between the segment disclosures required by IFRS and GAAP is that (Points: 4);under GAAP, each segment?s liabilities must be disclosed under certain circumstances, while under IFRS, liabilities by segment need not be disclosed;under IFRS, each segment?s cash balances must be disclosed under certain circumstances, while under GAAP, cash balances by segment need not be disclosed;under IFRS, each segment?s total assets must be disclosed under certain circumstances, while under GAAP, total assets by segment need not be disclosed;under IFRS, each segment?s liabilities must be disclosed under certain circumstances, while under GAAP, liabilities by segment need not be disclosed;43. On September 1, 2010, the Baker Company received $44,940 from 4-Most Finance Company. To pay off this loan, the Baker Company will have to pay 4-Most $10,000 each year for 10 years. The first payment is due September 1, 2011. Which interest rate compounded annually is Baker paying on this loan? (Points: 4);12%;15%;18%;24%;44. In the present value of an annuity table, the factors (Points: 4);increase as the interest rates increase;decrease as the periods increase;remain the same as the periods increase;decrease as the interest rates increase;45. On January 31, 2010, Richie Company acquired a new machine by paying $40,000 cash and agreeing to pay $20,000 annually for three years, beginning on January 31, 2011. Assuming an interest rate of 10%, Richie should record the acquisition cost of the machine on January 31, 2010, at (Points: 4);$100,000;$94,712;$89,738;$62,092;46. Paul?s Painting Co. acquired a new $800,000 press on April 1, 2010. Paul?s will make six equal payments based upon 8% compound interest, starting on March 31, 2011. How much will each payment be? (Points: 4);$504,136;$173,056;$160,234;$109,052;47. An advantage of basing bad debt expense on the historical relationship between bad debts and net credit sales is that (Points: 4);it provides the best estimate of the net realizable value of accounts receivable;it provides the best information to the credit department to use in its collection activities;it best adheres to the matching concept;it considers the balance in the allowance account when making the bad debt expense estimate

 

Paper#25374 | Written in 18-Jul-2015

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