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accounting 5110 exam bundle 2023
accounting 5110 exam bundle with a grade of A+ and with verified solutions
[Show more]accounting 5110 exam bundle with a grade of A+ and with verified solutions
[Show more]Question 1-1 
 
How should cumulative preferred dividends in arrears be shown in a corporation's balance sheet? 
 
1. Increase in stockholders' equity 
2. Increase in current liabilities 
3. Increase in current liabilities for the amount expected to be declared within the year or operating cycle, ...
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Add to cartQuestion 1-1 
 
How should cumulative preferred dividends in arrears be shown in a corporation's balance sheet? 
 
1. Increase in stockholders' equity 
2. Increase in current liabilities 
3. Increase in current liabilities for the amount expected to be declared within the year or operating cycle, ...
What is the purpose of reporting comprehensive income? 
 
 A. 
To summarize all changes in equity from nonowner sources. 
 
 B. 
To reconcile the difference between net income and cash flows provided from operating activities. 
 
 C. 
To provide a consolidation of the income of the firm's segmen...
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Add to cartWhat is the purpose of reporting comprehensive income? 
 
 A. 
To summarize all changes in equity from nonowner sources. 
 
 B. 
To reconcile the difference between net income and cash flows provided from operating activities. 
 
 C. 
To provide a consolidation of the income of the firm's segmen...
Which of the following accounts is credited in the loss method of writing-down of inventory to its net realizable value? 
a. Allowance to Reduce Inventory to NRV 
b. Loss Due to Decline of Inventory to NRV 
c. Cost of Goods Sold 
d. Inventory - ANSd. Inventory 
 
When the cost-of-goods-sold method ...
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Add to cartWhich of the following accounts is credited in the loss method of writing-down of inventory to its net realizable value? 
a. Allowance to Reduce Inventory to NRV 
b. Loss Due to Decline of Inventory to NRV 
c. Cost of Goods Sold 
d. Inventory - ANSd. Inventory 
 
When the cost-of-goods-sold method ...
Companies recognize revenue when goods or services are transferred to customers for the amount the company expects to be entitled to receive in exchange for those goods or services. - ANSTrue 
 
Revenue should be recognized over time for the construction of an annex to a building that the customer ...
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Add to cartCompanies recognize revenue when goods or services are transferred to customers for the amount the company expects to be entitled to receive in exchange for those goods or services. - ANSTrue 
 
Revenue should be recognized over time for the construction of an annex to a building that the customer ...
Is all SEC guidance contained within the Codification, and is SEC guidance considered authoritative? - ANSNo, not all SEC guidance is housed within the Codification; yes, it is considered authoritative for public companies only. 
 
The guidance currently used by the FASB to update the Codification ...
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Add to cartIs all SEC guidance contained within the Codification, and is SEC guidance considered authoritative? - ANSNo, not all SEC guidance is housed within the Codification; yes, it is considered authoritative for public companies only. 
 
The guidance currently used by the FASB to update the Codification ...
D - ANS21. Which of the following is true of depreciation accounting? 
a. It is not a matter of valuation. 
b. It is part of the matching of revenues and expenses. 
c. It is the process of cost allocation. 
d. All of these answers are correct. 
 
B - ANS22. Which of the following principles best d...
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Add to cartD - ANS21. Which of the following is true of depreciation accounting? 
a. It is not a matter of valuation. 
b. It is part of the matching of revenues and expenses. 
c. It is the process of cost allocation. 
d. All of these answers are correct. 
 
B - ANS22. Which of the following principles best d...
Which of the following would not be included in a manufacturing company's balance sheet? 
 
 
Finished goods inventory 
 
Merchandise inventory 
 
Raw materials inventory 
 
Work in process inventory - ANSMerchandise inventory 
 
All of the following accounts are used under a perpetual invento...
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Add to cartWhich of the following would not be included in a manufacturing company's balance sheet? 
 
 
Finished goods inventory 
 
Merchandise inventory 
 
Raw materials inventory 
 
Work in process inventory - ANSMerchandise inventory 
 
All of the following accounts are used under a perpetual invento...
On December 1, 2018, Goetz Corporation leased office space for 10 years at a monthly rental of $80,000. On that date Goetz paid the landlord the following amounts: 
Rent deposit $ 80,000 
First month's rent 80,000 
Last month's rent 80,000 
Installation of new walls and offices 640,000 
Tota: $880...
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Add to cartOn December 1, 2018, Goetz Corporation leased office space for 10 years at a monthly rental of $80,000. On that date Goetz paid the landlord the following amounts: 
Rent deposit $ 80,000 
First month's rent 80,000 
Last month's rent 80,000 
Installation of new walls and offices 640,000 
Tota: $880...
The purpose of the balance sheet - ANS The purpose of the balance sheet, also known as the statement of financial position, is to present the financial position of the company on a particular date. Unlike the income statement, which is a change statement that reports events occurring during a perio...
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Add to cartThe purpose of the balance sheet - ANS The purpose of the balance sheet, also known as the statement of financial position, is to present the financial position of the company on a particular date. Unlike the income statement, which is a change statement that reports events occurring during a perio...
The acquisition cost adjusted for the amortization of discount or premium, if appropriate. - ANSAmortized cost. 
 
Securities not classified as held-to-maturity or trading 
securities. - ANSAvailable-for-sale Debt securities. 
 
The process of separating the host security from the 
embedded deriva...
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Add to cartThe acquisition cost adjusted for the amortization of discount or premium, if appropriate. - ANSAmortized cost. 
 
Securities not classified as held-to-maturity or trading 
securities. - ANSAvailable-for-sale Debt securities. 
 
The process of separating the host security from the 
embedded deriva...
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