ACCTG 360 Intermediate Accounting 1
How does failure to record accrued revenue distort the financial reports? - It understates revenue,
net income, and current assets.
A contingent liability which is normally accrued is: - estimated claims under a service
ACCTG 360 Chapters 7-9 Notes
In the same period in which the sale on account occurs - When should the loss on an
uncollectible account receivable be recorded as an expense for accrual accounting purposes?
a. When it is determined that an account cannot be
ACCTG 360 Intermediate Accounting Exam 2 Study Guide
The Single Step Income Statement Emphasizes:
a. the gross profit figure
b. total revenues and total expenses
c. extraordinary items more than it is emphasized in the multiple-step income statement
ACCTG 360 Chapter 10 Notes
false - Assets classified as Property, Plant, and Equipment can be either acquired for use in
operations, or acquired for resale.
true - Assets classified as Property, Plant, and Equipment must be both long-term in nature and
ACCTG 360 Chapter 11 Notes
true - Depreciation is a means of cost allocation, not a matter of valuation
false - Depreciation is based on the decline in the fair market value of the asset
true - Depreciation, depletion, and amortization all involve the all
ACCTG 360 Chapters 1-6 Notes
It understates revenue, net income, and current assets. - How does failure to record accrued
revenue distort the financial reports?
a. It understates revenue, net income, and current assets.
b. It understates net income, stock
ACCTG 360 Chapters 10-14 Notes
decline by a constant amount each year. - When the sum-of-the-years'-digits method is used,
depreciation expense for a given asset will
a. decline by a constant amount each year.
b. be the same each year.
c. decrease rapidly
ACCTG 360 Final Exam Study Guide
Recognizing a valuation allowance for a deferred tax asset requires that a company
a. consider all positive and negative information in determining the need for a valuation
b. consider only the positive informati
ACCTG 360 Chapter 12 Notes
B - Which of the following does not describe intangible assets?
a. They lack physical existence.
b. They are financial instruments.
c. They provide long-term benefits.
d. They are classified as long-term assets.
C - Which of the
ACCTG 360 Chapter 13 Notes
d - Liabilities are
a. any accounts having credit balances after closing entries are made.
b. deferred credits that are recognized and measured in conformity with generally accepted
c. obligations to trans