A) 0.68 B) 1.61 C) 0.35 D) 0.71 A) 0.68 B) 1.61 C) 0.35 D) 0.71

Exam 2: Qualities of Accounting Information

Identify the appropriate financial statement for each of the items listed below.Some items may be found on more than one financial statement. a.Balance sheet b.Income statement c.Statement of changes in shareholders' equity d.Statement of cash flows ___ 1.Cash paid for supplies _ 2.Net income _ 3.Sales revenue _ 4.Rent expense _ 5.Inventory _ 6.Retained earnings _ 7.Cash received from customers ___ 8.Cash

(Essay)

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Question 121

On December 31,2012,Twisted Pretzel was told by an appraiser that its land,which cost $100,000,was worth $120,000.Under IFRS,Twisted Pretzel would be allowed to: show the land on its financial statements as ________.

(Multiple Choice)

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Question 122

The set of rules that a U.S.company must follow when preparing its financial statements is called ________.

(Multiple Choice)

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Question 123

Revenue minus expenses equals gross profit.

(True/False)

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Question 124

The three basic elements of the balance sheet are ________.

(Multiple Choice)

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Question 125

South Seas reported the following items on its financial statements.Determine the amount of cost of goods sold.

(Short Answer)

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Question 126

Maids-R-Us had current assets of $1,160 and total assets of $2,640.It had $650 in accounts payable and a note payable for $1,500 due in two years.The current ratio (rounded)was ________.

(Multiple Choice)

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Question 127

Team Shirts purchased T-shirts in July.The T-shirts were sold to customers in August.Team Shirts received the final cash payments in September.According to the revenue-recognition principle,when should revenue be recorded?

(Multiple Choice)

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Question 128

Vestige,Inc.needs another loan from a bank in order to pay its bills.In order to improve its chances of getting another loan,it reports its ten-month note payable as a long-term liability.Discuss the treatment of this note payable including the financial statement presentation and the effect on the current ratio.Discuss the ethical issue with Vestige's treatment of this note payable.

(Essay)

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Question 129

Generally accepted accounting principles (GAAP)________.

(Multiple Choice)

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Question 130

Is ________.

(Multiple Choice)

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Question 131

The economic resources of a company resulting from past transactions are called ________.

(Multiple Choice)

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Question 132

Prepaid insurance is ________.

(Multiple Choice)

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Question 133

Team Shirts has $200 in its Prepaid insurance account on June 30.This amount is for insurance for July and August.It represents a ________.

(Multiple Choice)

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Question 134

South Seas reported the following items on its financial statements.Determine the amount of the missing operating expenses.

(Short Answer)

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Question 135

Evaluate the following information for Team Shirts. Part A: Calculate the current ratio for Team Shirts.(Round to two decimal places.) Part B: Is the ratio acceptable or unacceptable? Part C: Advise Team Shirts how to improve the ratio.

(Essay)

4.9/5

(38)

Question 136

Busy Beaver,Inc.purchased land ten years ago for $30,000.At December 31,2012,similar land has been appraised at $50,000.Answer the following questions: 1.At what amount should land be reported on the balance sheet under U.S.GAAP? 2.Which basis is more reliable,historical cost,$30,000,or fair market value,$50,000? 3.Which basis is more relevant,historical cost,$30,000,or fair market value,$50,000? 4.How might the land be reported using IFRS?

(Essay)

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Question 137

Contributed capital is also called ________.

(Multiple Choice)

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Question 138

Which of the following statements is TRUE?

(Multiple Choice)

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Question 139

Identify each of the following items as either an accrual or deferral. a.Accrual b.Deferral ___ 1.Account receivable _ 2.Account payable _ 3.Prepaid insurance _ 4.Interest receivable ___ 5.Prepaid advertising

(Short Answer)

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Question 140

Showing 121 - 140 of 180

On December 31,2012,Twisted Pretzel was told by an appraiser that its land,which cost $100,000,was worth $120,000.Under IFRS,Twisted Pretzel would be allowed to: show the land on its financial statements as ________.

The set of rules that a U.S.company must follow when preparing its financial statements is called ________.

Revenue minus expenses equals gross profit.

The three basic elements of the balance sheet are ________.

South Seas reported the following items on its financial statements.Determine the amount of cost of goods sold.

Maids-R-Us had current assets of $1,160 and total assets of $2,640.It had $650 in accounts payable and a note payable for $1,500 due in two years.The current ratio (rounded)was ________.

Team Shirts purchased T-shirts in July.The T-shirts were sold to customers in August.Team Shirts received the final cash payments in September.According to the revenue-recognition principle,when should revenue be recorded?

Generally accepted accounting principles (GAAP)________.

Is ________.

The economic resources of a company resulting from past transactions are called ________.

Prepaid insurance is ________.

Team Shirts has $200 in its Prepaid insurance account on June 30.This amount is for insurance for July and August.It represents a ________.

South Seas reported the following items on its financial statements.Determine the amount of the missing operating expenses.

Evaluate the following information for Team Shirts. Part A: Calculate the current ratio for Team Shirts.(Round to two decimal places.) Part B: Is the ratio acceptable or unacceptable? Part C: Advise Team Shirts how to improve the ratio.

Contributed capital is also called ________.

Which of the following statements is TRUE?

Identify each of the following items as either an accrual or deferral. a.Accrual b.Deferral ___ 1.Account receivable _ 2.Account payable _ 3.Prepaid insurance _ 4.Interest receivable ___ 5.Prepaid advertising

Business: Whats It All About

Accruals and Deferrals: Timing Is Everything in Accounting

Payment for Goods and Services: Cash and Accounts Receivable

The Purchase and Sale of Inventory

Acquisition and Use of Long-Term Assets

Accounting for Liabilities

Accounting for Shareholders Equity

Preparing and Analyzing the Statement of Cash Flows

Using Financial Statement Analysis to Evaluate Firm Performance

Quality of Earnings, corporate Governance, and Ifrs

Filters

Exam 2: Qualities of Accounting Information

On December 31,2012,Twisted Pretzel was told by an appraiser that its land,which cost $100,000,was worth $120,000.Under IFRS,Twisted Pretzel would be allowed to: show the land on its financial statements as ________.

The set of rules that a U.S.company must follow when preparing its financial statements is called ________.

Revenue minus expenses equals gross profit.

The three basic elements of the balance sheet are ________.

South Seas reported the following items on its financial statements.Determine the amount of cost of goods sold.

Maids-R-Us had current assets of $1,160 and total assets of $2,640.It had $650 in accounts payable and a note payable for $1,500 due in two years.The current ratio (rounded)was ________.

Team Shirts purchased T-shirts in July.The T-shirts were sold to customers in August.Team Shirts received the final cash payments in September.According to the revenue-recognition principle,when should revenue be recorded?

Generally accepted accounting principles (GAAP)________.

Is ________.

The economic resources of a company resulting from past transactions are called ________.

Prepaid insurance is ________.

Team Shirts has $200 in its Prepaid insurance account on June 30.This amount is for insurance for July and August.It represents a ________.

South Seas reported the following items on its financial statements.Determine the amount of the missing operating expenses.

Evaluate the following information for Team Shirts. Part A: Calculate the current ratio for Team Shirts.(Round to two decimal places.) Part B: Is the ratio acceptable or unacceptable? Part C: Advise Team Shirts how to improve the ratio.

Contributed capital is also called ________.

Which of the following statements is TRUE?

Identify each of the following items as either an accrual or deferral. a.Accrual b.Deferral _____ 1.Account receivable _____ 2.Account payable _____ 3.Prepaid insurance _____ 4.Interest receivable _____ 5.Prepaid advertising

Business: Whats It All About

Accruals and Deferrals: Timing Is Everything in Accounting

Payment for Goods and Services: Cash and Accounts Receivable

The Purchase and Sale of Inventory

Acquisition and Use of Long-Term Assets

Accounting for Liabilities

Accounting for Shareholders Equity

Preparing and Analyzing the Statement of Cash Flows

Using Financial Statement Analysis to Evaluate Firm Performance

Quality of Earnings, corporate Governance, and Ifrs

Filters

Identify each of the following items as either an accrual or deferral. a.Accrual b.Deferral ___ 1.Account receivable _ 2.Account payable _ 3.Prepaid insurance _ 4.Interest receivable ___ 5.Prepaid advertising