Review for Final_321_S2010 - Accountancy 321 ReviewSpring...

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Accountancy 321 Review—Spring 2010 1 Analysis of Review Number Topic Chap. Answer 1. Inventories—Cost basis 8 c 2. Standards 1 c 3. Conceptual Framework 2 d 4. Accounting Cycle 3 d 5. Accounting Cycle 3 c 6. Accounting Cycle 3 a 7. Conceptual Framework 2 b 8. Income Statement 4 a 9. Income Statement 4 c 10 Income Statement 4 c 11 Balance Sheet 5 b 12 Cash and Receivables 7 b 13 Cash and Receivables 7 b 14 Cash and Receivables 7 b 15 Cash and Receivables 7 a 16 Inventories—Cost Basis 8 a 17 Inventories—Cost Basis 8 a 18 Inventories—Cost Basis 8 c 19 Inventories—Cost Basis 8 b 20 Inventories—Additional Issues 9 b 21 Inventories—Additional Issues 9 b 22 Inventories—Additional Issues 9 a 23 Inventories—Additional Issues 9 c 24 Property, Plant and equipment 10 b 25 Property, Plant and Equipment 10 c 26 Property, Plant and Equipment 10 b Not used S2010 27 Depreciation and Depletion 11 b 28 Depreciation and Depletion 11 d 29 Depreciation and Depletion 11 b 30 Depreciation and Depletion 11 a 31 Long-Term Liabilities 14 a 32 Long-Term Liabilities 14 d 33 Long-Term Liabilities 14 a 34 Long-Term Liabilities 14 b 35 Long-Term Liabilities 14 a 36 Long-Term Liabilities 14 c 37 Long-Term Liabilities 14 b 38 Long-Term Liabilities 14 a 39 Stockholders’ equity 15 b 40 Stockholders’ equity 15 d
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Accountancy 321 Review—Spring 2010 2 41 Stockholders’ equity 15 c 42 Stockholders’ Equity 15 a 43 Stockholders’ Equity 15 b 44 Inventories—Additional Issues 9 a 45 Current liabilities 13 d
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Accountancy 321 Review—Spring 2010 3 1. Which of the following is not true in regard to the LIFO inventory cost flow assumption? a. If a company uses LIFO for tax purposes, it must also use LIFO for external financial reporting purposes. b. For income statement purposes, the more recent costs are matched against the current revenues under the LIFO assumption. c. For balance sheet purposes, the cost of inventory will approximate the current replacement cost under the LIFO assumption. d. The LIFO cost flow assumption does not normally reflect the normal physical flow of inventory units.
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Accountancy 321 Review—Spring 2010 4 2. The purpose of Statements of Financial Accounting Concepts is to a. establish GAAP. b. modify or extend the existing FASB Standards Statement. c. form a conceptual framework for solving existing and emerging problems. d. determine the need for FASB involvement in an emerging issue .
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5 3. Generally, revenue from sales should be recognized at a point when a. management decides it is appropriate to do so. b. the product is available for sale to the ultimate consumer. c. the entire amount receivable has been collected from the customer and there remains no further warranty liability. d. none of these.
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Review for Final_321_S2010 - Accountancy 321 ReviewSpring...

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