Valuing notes receivable Study guides, Class notes & Summaries
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FINANCIAL ACCOUNTING THEORY - TEST BANK 80102016 - 2
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FINANCIAL ACCOUNTING THEORY - TEST BANK 
1.	The objectives of financial reporting are based on 
a.	Generally accepted accounting principles 
b.	Reporting for regulators 
c.	The need for conservatism 
d.	The needs of the users of the information 
 
2.	The relevance of providing information in financial statements is subject to the constraint of 
a.	Comparability 
b.	Cost-benefit 
c.	Reliability 
d.	Faithful representation 
 
3.	Which of the following is an enhancing quality that relates to both ...
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ACCT 2101 Final Exam Study Guide Chapters 1 – 12
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ACCT 2101 
 Final Exam 
 Study Guide Solutions 
Chapters 1 - 12 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ACCT 2101 Final Exam Study Guide Chapters 1 – 12 
 
Chapter 1 
 
1.	The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a.	account payable. 
b.	account receivable. 
c.	revenue. 
d.	expense. 
 
2.	The right to receive money in the future is called a(n) 
a.	account payable. b.	account receiva...
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ACC422 FINAL EXAM (Multiples Choices)
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ACC422 FINAL EXAM 
(Multiples Choices) 
ACC422 FINAL EXAM 
(Multiples Choices) 
 
21. Which of the following is not considered cash for financial reporting purposes? 
a. Petty cash funds and change funds 
b. Money orders, certified checks, and personal checks 
c. Coin, currency, and available funds 
d. Postdated checks and I.O.U.'s 
22. Which of the following is considered cash? 
a. Certificates of deposit (CDs) 
b. Money market checking accounts 
c. Money market savings certificates 
d. Post...
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WGU D196 exam with 100% correct answers 2024
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1. Which budget should include all production costs other than those for direct materials and direct labor? 
A.Sales budget 
B.Direct materials budget 
C.Manufacturing overhead budget 
D. Production budget - answer-c 
 
2. Which account is a common asset account? 
A.Accounts payables 
B.Equity 
C.Accounts receivable 
D. Utilities Expense - answer-c 
 
3 .On which financial statement would you see the valuation of a company's asset accounts? 
a.Statement of Cash Flows 
b.Balance Sheet 
c.Income ...
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ACCT 201A Exam II Review test solution docs
- Exam (elaborations) • 39 pages • 2020
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ACCT 201A Exam II Review test solution docs 
 
Ch. 5 
	1.	A generally accepted method of valuation is 
1.	trading securities at market value. 
2.	accounts receivable at net realizable value. 
3. 	inventories at current cost. 
a.	1 
b.	2 
c.	3 
d.	1 and 2 
 
	2.	Fulton Company owns the following investments: 
Trading securities (fair value)	$160,000 
Available-for-sale securities (fair value)	70,000 
Held-to-maturity securities (amortized cost)	94,000 
Fulton will report investments in its curre...
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Test Bank Chapter 7 Cash and Receivables.
- Answers • 44 pages • 2020
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CHAPTER 7

CASH AND RECEIVABLES

IFRS questions are available at the end of this chapter.

TRUE-FALSE—Conceptual
Answer	No.	Description
	T	1.	Items considered cash.
	F	2.	Items considered cash.
	F	3.	Items considered cash.
	F	4.	Cash equivalents definition.
	F	5.	Bank overdrafts.
	T	6.	Cash equivalents.
	F	7.	Classification of receivables.
	F	8.	Items considered trade receivables.
	T	9.	Trade discount uses.
	T	10.	Sales discounts. 
	T	11.	Valuation of receivables.
	F	12.	Percentage-of-receivab...
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Test Bank Chapter 18 Revenue Recognition.
- Exam (elaborations) • 49 pages • 2020
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CHAPTER 18

REVENUE RECOGNITION

IFRS questions are available at the end of this chapter.

TRUE-FALSE—Conceptual
	Description
	F	1.	Recognition of revenue.
	T	2.	Realization of revenue.
	T	3.	Delayed recognition of revenue.
	F	4.	Recognizing revenue when right of return exists.
	T	5.	Recognizing revenue prior to product completion.
	F	6.	Use of percentage-of-completion method.
	T	7.	Input measure for contract progress.
	T	8.	Reporting Construction in Process and Billings on Construction in Pro...
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Warren_25e_SM_CH15_final.docx
- Manual • 51 pages • 2020
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1. Why might a business invest cash in temporary
investments?
2. What causes a gain or loss on the sale of a bond
investment?
3. When is the equity method the appropriate accounting for equity investments?
4. How does the accounting for a dividend received
differ between the cost method and the equity
method?
5. If an investor owns more than 50% of an investee,
how is the investment treated on the investor’s
financial statements?
6. What is the major difference in the accounting for
a portfoli...
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Test Bank Chapter 2 Conceptual Framework Underlying Financial Accounting.
- Answers • 39 pages • 2020
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CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING

IFRS questions are available at the end of this chapter.

TRUE-FALSE—Conceptual
Answer	No.	Description
	F	1.	Nature of conceptual framework.
	T	2.	Conceptual framework definition.
	F	3.	Levels of conceptual framework.
	T	4	International conceptual framework.
	F	5.	Statements of Financial Accounting Concepts.
	T	6.	Decision usefulness.Objective of financial reporting.
	F	7.	Financial statement users.
	T	8.	Relevance and reliabilityfaithful r...
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ACCT 211 learnsmart assignment 7 Answers Liberty University Update!
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ACCT 211 learnsmart assignment 7 Answers Liberty University Update!

ACCT 211 learnsmart assignment 7 Answers Liberty University Update!

Ace Company sells merchandise to a customer in the amount of $200 on credit, terms n/30. The entry to record this sale would include a debit to the ____________ account:

True or false: The direct write-off method of accounting for bad debts matches the estimated loss from uncollectible accounts receivable against the sales they helped produce.

True or false:...
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