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Devry ACCT 304 Week 4 Midterm




Question;1. (TCO 1) Which of the following has the authority to set accounting standards in the United States?;2. (TCO 2) The conceptual framework's qualitative characteristic of faithful representation includes;3. (TCO 3) A sale on account would be recorded by;4. (TCO 3) When a tenant makes an end-of-period adjusting entry credit to the "Prepaid rent" account;5. (TCO 3) Permanent accounts would not include;6. (TCO 4) Noncurrent assets include;7. (TCO 4) The acid-test ratio is also known as the;8. (TCO 5) Popson Inc. incurred a material loss which was not unusual;in character, but was clearly an infrequent occurrence. This loss should;be reported as;9. (TCO 5) On June 1, 2013, Romano Inc. changed the estimated useful;life of its office equipment from 20 to 12 years. This change would be;accounted for;10. (TCO 5) In the operating activities section of the statement of cash flows, we start with net income;11. (TCO 5) The Maytag Corporation's income statement includes income;from continuing operations, a loss from discontinued operations, and;extraordinary items. Earnings per share information would be provided;for;12. (TCO 5) Expenses in an income statement prepared under International Financial Reporting Standards;13. (TCO 4) The balance sheet reports;14. (TCO 4) Which of the following groups is not among the external users for whom financial statements are prepared?;1. (TCO 5) What would be Misty's net income for the current year?;2. (TCO 4) Listed below are account balances (in $millions) taken from;the records of Symphony Stores. All of these are permanent accounts;except the last two that have yet to be closed. The installment;receivables are current. Symphony uses;1. (TCO 4) Briefly explain the purpose of the disclosure note on;significant accounting policies. Provide two examples of what might be;found in this note.;2. (TCO 2) What is the SEC and how is it involved with accounting standard setting?;3. (TCO 5) Give an example of a non-cash financing and investing;activity and explain when and how it would be reported in the financial;statements;4. (TCO 3) Describe what is meant by unearned revenues and give two examples


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