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ACC 421 FINAL EXAM CORRECT 100% 1) An accrued expense can best be described as an amount 2) When an item of revenue is collected and recorded in advance, it is normally called a(n) ___________ revenue. 3) When an item of expense is paid and recorded in advance, it is normally called a(n) 4) A common set of accounting standards and procedures are called 5) One objective of financial reporting is to provide 6) The information provided by financial reporting pertains to 7) The Financial Accounting Foundation 8) The major distinction between the Financial Accounting Standards Board (FASB) and its predecessor, the Accounting Principles Board (APB), is 9) The body that has the power to prescribe the accounting practices and standards to be employed by companies that fall under its jurisdiction is the 10) Limitations of the income statement include all of the following except 11) The income statement reveals 12) Which of the following would represent the least likely use of an income statement prepared for a business enterprise? 13) The process of formally recording or incorporating an item in the financial statements of an entity is 14) Which of the following is not a reason why revenue is recognized at time of sale? 15) Which of the following is not an accurate representation concerning revenue recognition? 16) One criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is 17) The basis for classifying assets as current or noncurrent is conversion to cash within 18) The correct order to present current assets is 19) If a business entity entered into certain related party transactions, it would be required to disclose all of the following information except the 20) Events that occur after the December 31, 2008 balance sheet date (but before the balance sheet is issued) and provide additional evidence about conditions that existed at the balance sheet date and affect the realizability of accounts receivable should be 21) The full disclosure principle, as adopted by the accounting profession, is best described by which of the following? 22) The MD&A section of an enterprise's annual report is to cover the following three items: 23) If the financial statements examined by an auditor lead the auditor to issue an opinion that contains an exception that is not of sufficient magnitude to invalidate the statement as a whole, the opinion is said to be 24) Which of the following best characterizes the difference between a financial forecast and a financial projection? 25) Theoretically, in computing the receivables turnover, the numerator should include 26) Which of the following ratios measures long-term solvency? 27) The rate of return on common stock equity is calculated by dividing 28) The primary purpose of the statement of cash flows is to provide information 29) The first step in the preparation of the statement of cash flows requires the use of information included in which comparative financial statements? 30) To arrive at net cash provided by operating activities, it is necessary to report revenues and expenses on a cash basis. This is done by 31) The amortization of bond premium on long-term debt should be presented in a statement of cash flows (using the indirect method for operating activities) as a(n) 32) In determining net cash flow from operating activities, a decrease in accounts payable during a period 33) In reporting extraordinary transactions on a statement of cash flows (indirect method), the 34) Which of the following transactions would require the use of the present value of an annuity due concept in order to calculate the present value of the asset obtained or liability owed at the date of incurrence? 35) Which of the following tables would show the smallest value for an interest rate of 5% for six periods? 36) Which table would show the largest factor for an interest rate of 8% for five periods? |
ACC 421 FINAL EXAM CORRECT 100% 1) An accrued expense can best be described as an amount 2) When an item of revenue is collected and recorded in advance, it is normally called a(n) ___________ revenue. 3) When an item of expense is paid and recorded in advance, it is normally called a(n) 4) A common set of accounting standards and procedures are called 5) One objective of financial reporting is to provide 6) The information provided by financial reporting pertains to 7) The Financial Accounting Foundation 8) The major distinction between the Financial Accounting Standards Board (FASB) and its predecessor, the Accounting Principles Board (APB), is 9) The body that has the power to prescribe the accounting practices and standards to be employed by companies that fall under its jurisdiction is the 10) Limitations of the income statement include all of the following except 11) The income statement reveals 12) Which of the following would represent the least likely use of an income statement prepared for a business enterprise? 13) The process of formally recording or incorporating an item in the financial statements of an entity is 14) Which of the following is not a reason why revenue is recognized at time of sale? 15) Which of the following is not an accurate representation concerning revenue recognition? 16) One criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is 17) The basis for classifying assets as current or noncurrent is conversion to cash within 18) The correct order to present current assets is 19) If a business entity entered into certain related party transactions, it would be required to disclose all of the following information except the 20) Events that occur after the December 31, 2008 balance sheet date (but before the balance sheet is issued) and provide additional evidence about conditions that existed at the balance sheet date and affect the realizability of accounts receivable should be 21) The full disclosure principle, as adopted by the accounting profession, is best described by which of the following? 22) The MD&A section of an enterprise's annual report is to cover the following three items: 23) If the financial statements examined by an auditor lead the auditor to issue an opinion that contains an exception that is not of sufficient magnitude to invalidate the statement as a whole, the opinion is said to be 24) Which of the following best characterizes the difference between a financial forecast and a financial projection? 25) Theoretically, in computing the receivables turnover, the numerator should include 26) Which of the following ratios measures long-term solvency? 27) The rate of return on common stock equity is calculated by dividing 28) The primary purpose of the statement of cash flows is to provide information 29) The first step in the preparation of the statement of cash flows requires the use of information included in which comparative financial statements? 30) To arrive at net cash provided by operating activities, it is necessary to report revenues and expenses on a cash basis. This is done by 31) The amortization of bond premium on long-term debt should be presented in a statement of cash flows (using the indirect method for operating activities) as a(n) 32) In determining net cash flow from operating activities, a decrease in accounts payable during a period 33) In reporting extraordinary transactions on a statement of cash flows (indirect method), the 34) Which of the following transactions would require the use of the present value of an annuity due concept in order to calculate the present value of the asset obtained or liability owed at the date of incurrence? 35) Which of the following tables would show the smallest value for an interest rate of 5% for six periods? 36) Which table would show the largest factor for an interest rate of 8% for five periods? |
