ACC 373 Test Hints Final Exam Spring 2011

ACC 373 Test Hints Final Exam Spring 2011 - ACC 373 Session...

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ACC 373 Session I Final Exam Hints Chapter 21 What is the difference between a sales-type lease and a direct-financing lease? What is included the Lease Receivable account? Given an example of a lease, calculate the depreciation and interest expenses. Given details of a lease, determine the type of lease and record the journal entries for the first two years. Chapter 22 Be able to understand the difference between a change in estimate, change in accounting principle, a change in accounting entity and an error and how it is reflected in the financial statements. (There are multiple choice and matching questions on this topic.) Which accounting concepts does an accounting change violate? (Materiality, consistency, conservatism, or objectivity) Calculate an estimate revision for depreciation (2 questions) Be able to calculate a cumulative effect of an accounting change on a change in depreciation method. Given an error on ending inventory, determine the correct net incomes for 3 years
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This note was uploaded on 11/30/2011 for the course ACCOUNTING 655 taught by Professor Lee during the Spring '11 term at Prince George's Community College, Largo.

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