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(TCO A) Financial information demonstrates consistency when

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1. Question : (TCO A) Financial information demonstrates consistency when 

Question 2. Question : (TCO A) The cash method of accounting 

Question 3. Question : (TCO A) Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic

of accounting information? 

Question 4. Question : (TCO A) The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the

same measurement methods is 

Question 5. Question : (TCO A) Which of the following is not a basic element of financial 

Question 6. Question : (TCO A) Issuance of common stock for cash affects which basic element of financial statements? 

Question 7. Question : (TCO A) Faithful representation has as an enhancing quality for which of the following? 

Question 8. Question : (TCO D) Which of the following is a limitation of the balance sheet? 

Question 9. Question : (TCO D) The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as 

Question 10. Question : (TCO A) The quality of information that gives assurance that is reasonably free of error and bias and is complete is 

1. Question : (TCO D) The correct order to present current assets is 

Question 2. Question : (TCO A) Why are some of the major differences between iGAAP and U.S. GAAP? Explain in detail. 

Question 3. Question :

(TCO C) Blue Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 201X, included the following expense accounts.

Accounting and legal fees

$150,000

Advertising

$125,000

Freight-out

$65,000

Interest

$80,000

Loss on sale of long-term investments

$35,000

Officers' salaries

$200,000

Rent for office space

$160,000

Sales salaries and commissions

$110,000

One half of the rented premises are occupied by the sales department. How much of the expenses listed above should be included in Perry's selling expenses for 201X? 

Question 4. Question : (TCO C) For the year ended December 31, 201X, King Inc. reported the following.

Net income

$60,000

Preferred dividends declared

$10,000

Common dividend declared

$2,000

Unrealized holding loss, net of tax

$1,000

Retained earnings, beginning balance

$80,000

Common stock sold during the year Retained earnings, beginning balance

$80,000

Common stock

$40,000

Accumulated Other Comprehensive Income, Beginning Balance

$5,000

What would Transformers report as the ending balance of retained earnings? 

Question 5. Question :

(TCO C) Ivy Co. had the following account balances.

Sales

Cost of goods sold

Dividend revenue

Utilities expense

Interest expense

What would Ivy report as total expenses in a single-step income statement? 

Question 6. Question :

(TCO B) Unearned rent at 1/1/1X was $7,300 and at 12/31/1X was $8,100. The records indicate cash receipts from rental sources during 201X amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment. 

Question 7. Question :

(TCO B) Unearned rent at 1/1/1X was $6,000 and at 12/31/1X was $15,000. The records indicate cash receipts from rental sources during 201X amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment. 

Question 8. Question :

(TCO B) Unearned rent at 1/1/1X was $5,500 and at 12/31/1X was $10,000. The records indicate cash receipts from rental sources during 201X amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment. 

Question 9. Question :

(TCO B) Allowance for doubtful accounts on 1/1/1X was $50,000. The balance in the allowance account on 12/31/1X after making the annual adjusting entry was $65,000, and during 201X, bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment. 

Question 10. Question : (TCO D) Which of the following should be reported for capital stock? 

Question 11. Question : (TCO D) Which item below is not a current liability? 

Question 12. Question : (TCO A) Financial information exhibits the characteristic of consistency when 

Question 13. Question : (TCO D) The current assets section of the balance sheet should include 

Question 14. Question : (TCO D) Hall Corp.'s trial balance reflected the following account balances at December 31, 201X.

Accounts receivable (net) 

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