A. Change in accounting estimate B. Income from discontinued operations C. Income from continuing operations D. Intraperiod tax allocation E. Matching principle F. Operating activities (income statement) G. Prior period adjustment H. Provision for in
Practice Exam Chapters 1-5 (1)
a. Prepare December 31, 2009, adjusting entries for English Corporation for each of the following items: An inventory of office supplies on hand reveals a count of $1,800. The ledger reflects a balance in the
Wilson and Kattelus, 13/e, Chapter 9
Chapter 9 Financial Reporting of State and Local Governments TESTBANK True/False
1. Service efforts and accomplishments (SEA) reporting helps citizens, elected officials, appointed officials, investors and credit
0 of 5 points Reports of hand preference in nonhuman primates challenge the idea that Selected Answer: none of these 5 of 5 points The differences in the function of the two cerebral hemispheres is sometimes referred to as the study of Se
Acct 304 Ch 5 Exam Fall 2008
READ AND FOLLOW EXAM PREPARATION INSTRUCTIONS INCLUDED ON THE BLACKBOARD POSTING FOR THIS EXAM. FAILURE TO CAREFULLY FOLLOW INSTRUCTIONS MAY RESULT IN LOSS OF POINTS!
Use the following to answer question 1: The fol
Practice Exam Chapters 1-5 (1) Solutions
Problem I a. Supplies expense ($3,700 - 1,800). Supplies. b. Unearned rent revenue ($7,200 x 1/2). Rent revenue. c. Interest expense ($40,000 x 12% x 8/12). Interest payable. d. Insurance expense ($4,800 x 3/1
Interest is the amount of money paid or received in excess of the amount borrowed or lent.
Compound interest includes interest not only on the original invested amount but also on the accumulated interest from previous peri
On December 15, 2006, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance in
Requirement 1 Alpine West should recognize revenue over the ski season on an anticipated usage basis, in this case equally throughout the season. The fact that the $450 price is nonrefundable is not relevant to the revenue recognition de
NO. 1260-001 JULY 6, 2006
Financial Accounting Series
Conceptual Framework for Financial Reporting: Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information
EITF ABSTRACTS Issue No. 02-16 Title: Accounting by a Customer (Including a Reseller) for Certain Consideration Received from a Vendor Dates Discussed: September 1112, 2002; November 21, 2002; January 23, 2003; March 20, 2003 References: FASB Stateme
CHANCE COMPANY Partial Income Statement For the Year Ended December 31, 2009 Income from continuing operations . Discontinued operations: Loss from operations of discontinued component (including loss on disposal of $400,000)* . Income t
1. Total current assets Current liabilities = $44,000 + 15,000 + 1,000 (accrued interest) = $60,000 Since the current ratio is 1.5:1, current assets = 1.5 x $60,000 = $90,000 2. Short-term investments $90,000 - 5,000 - 20,000 - 60,000 =
The primary objective of financial accounting is to provide investors and creditors with information that will help in evaluating the amounts, timing, and uncertainty of a business enterprises future cash receipts and disbursements.