Exam 1: Intermediate Accounting Volume 1

Fred received merchandise on consignment from Barney.As of March 31, Fred had recorded the transaction as a purchase and included the goods in inventory.The effect of this on Fred's financial statements for March 31 would be

(Multiple Choice)

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Question 181

The advantage of relating a company's bad debt expense to its outstanding accounts receivable is that this approach

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Question 182

Which of the following is INCORRECT regarding differences between IFRS and ASPE?

(Multiple Choice)

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Question 183

Which of the following statements is correct regarding long-term construction contracts?

(Multiple Choice)

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Question 184

Under ASPE, the profession requires that the percentage-of-completion method be used when certain conditions exist.Which of the following is NOT one of those necessary conditions?

(Multiple Choice)

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Question 185

When reporting a change in accounting principle, required disclosure(s)on the income statement include

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Question 186

When dealing with sales agreements, "acquired" means

(Multiple Choice)

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Question 187

Which of the following statements about the trial balance is correct?

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Question 188

The single most important indicator used to identify impaired accounts receivable (potential bad debts)is

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Question 189

The gross profit percentage is calculated by

(Multiple Choice)

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Question 190

Which of the following is NOT part of the conceptual framework for financial reporting?

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Question 191

The portion of any demand deposit that a customer keeps as support for its existing or maturing obligations is called a(n)

(Multiple Choice)

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Question 192

Which of the following statements does NOT apply to the historical cost principle?

(Multiple Choice)

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Question 193

A statement of cash flows prepared under the DIRECT method starts with

(Multiple Choice)

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Question 194

Which of the following should be EXCLUDED from long-term liabilities?

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Question 195

The net method of recording accounts receivable is rarely used because it

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Question 196

Use the following information for questions Sesame Corp.'s adjusted trial balance at December 31, 2014 included the following: Sesame uses the perpetual system, and their income tax rate is 30%.On Sesame's multiple- step income statement for 2014: -Income from continuing operations is

(Multiple Choice)

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Question 197

Monetary assets include

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Question 198

If an asset is to be classified as held for sale, which of the following conditions does NOT apply?

(Multiple Choice)

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Question 199

Financial statements prepared under ASPE include a

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Question 200

Showing 181 - 200 of 505

Fred received merchandise on consignment from Barney.As of March 31, Fred had recorded the transaction as a purchase and included the goods in inventory.The effect of this on Fred's financial statements for March 31 would be

The advantage of relating a company's bad debt expense to its outstanding accounts receivable is that this approach

Which of the following is INCORRECT regarding differences between IFRS and ASPE?

Which of the following statements is correct regarding long-term construction contracts?

Under ASPE, the profession requires that the percentage-of-completion method be used when certain conditions exist.Which of the following is NOT one of those necessary conditions?

When reporting a change in accounting principle, required disclosure(s)on the income statement include

When dealing with sales agreements, "acquired" means

Which of the following statements about the trial balance is correct?

The single most important indicator used to identify impaired accounts receivable (potential bad debts)is

The gross profit percentage is calculated by

Which of the following is NOT part of the conceptual framework for financial reporting?

The portion of any demand deposit that a customer keeps as support for its existing or maturing obligations is called a(n)

Which of the following statements does NOT apply to the historical cost principle?

A statement of cash flows prepared under the DIRECT method starts with

Which of the following should be EXCLUDED from long-term liabilities?

The net method of recording accounts receivable is rarely used because it

Use the following information for questions Sesame Corp.'s adjusted trial balance at December 31, 2014 included the following: Sesame uses the perpetual system, and their income tax rate is 30%.On Sesame's multiple- step income statement for 2014: -Income from continuing operations is

Monetary assets include

If an asset is to be classified as held for sale, which of the following conditions does NOT apply?

Financial statements prepared under ASPE include a

Intermediate Accounting Volume 2

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