ACC307 final.odt - 1. Owners' equity can be expressed as...

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1.
2.XYZ Corporation receives $100,000 from investors for issuing them shares of its stock. XYZ's
4.Which of the following is not an adjusting entry?
5.The adjusting entry required to record accrued expenses includes:
6.A company's market value is generally less than its book value. A company's market value is
7.Which of the following accounts are closed at the end of the accounting period?
8.New Oaks Winery requires two months to make wine, two years to age it, one month to bottleit, two months to sell it, and one month to collect the receivable. Its operating cycle is:
9.Accrued expenses:
10. An exception that is so serious that even a qualified opinion is not justified would result in:
11. Gains, but not losses, from discontinued operations must be separately reported in an incomestatement.
12. Freda's Florist reported the following before-tax income statement items for the year endedDecember 31, 2013:
13. On August 1, 2013, Rocket Retailers adopted a plan to discontinue its catalog sales division,which qualifies as a separate component of the business according to GAAP regardingdiscontinued operations. The disposal of the division was expected to be concluded by June 30,2014. On January 31, 2014, Rocket's fiscal year-end, the following information relative to thediscontinued division was accumulated:

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Term
Fall
Professor
MarieMain
Tags
Accounting, Revenue, Generally Accepted Accounting Principles

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