Quiz 3_solution

Quiz 3_solution - Acc410 Professor Hung Quiz 3, Spring 2008...

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Acc410 Professor Hung Quiz 3, Spring 2008 Student Name: ______________ Session (Circle one): MW 10:00-11:50, 12:00-1:50 Section 1: Multiple Choice: Choose the single best answer (5 points each) 1. __E_____ The CEO of Eagle Corporation decides to increase the estimate of bad debt expense. How would this change affect net income and net account receivable? a. There are no impact on net income and net account receivable. b. Increase net income and increase net account receivable c. Increase net income and decrease net account receivable d. Decrease net income and increase net accounting receivable e. Decrease net income and decrease net account receivable 2. ____B___ Which of the following statements about the selection of a cost flow assumption is correct? a. Management may choose LIFO for financial statement purposes only if it does not use LIFO for income tax purposes as well. b. Management does not need to match the cost flow assumption to the physical flow of the goods. c.
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This note was uploaded on 06/23/2008 for the course ACCT 410x taught by Professor Bonner during the Spring '06 term at USC.

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Quiz 3_solution - Acc410 Professor Hung Quiz 3, Spring 2008...

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