Exam (elaborations)
ACCT 370 Final Exam Questions with Answers
- Course
- Institution
ACCT 370 Final Exam Questions with Answers
[Show more]
Content preview
ACCT 370 Final Exam Questions with Answers1. the method of preparing the statement of cash flows used by the
majority of firms is the:: indirect method
2. the difference between the total fair value of an acquired business and
the fair value of its identifiable net assets is: goodwill
3. treasury stock is reported within the balance sheet as: a contra equity
ac- count
4. balance sheets under US GAAP are required to report assets:: in order
of liquidity
5. the dominant method under GAAP for measuring long lived assets is
the:-
: historical cost approach
6. When the market rate of interest is below the stated rate of interest, a
bond sells at:: premium
7. Temporary differences that will cause taxable income in future periods
to be lower than pre-tax book income give rise to: deferred tax assets
8. the rationale behind the multiple-step income statement is to subdivide
the income in a manner that facilitates:: forecasting
9. What is one reason lease accounting rules were revised?: Operating
1/4
, leases were a popular means of off-balance sheet financing.
10.If a company purchases treasury stock, its earnings per share will
increase. ( T/F): True
11.In this type of retirement plan, the employee bears little risk related
to estimating the amount of annual contributions.: Defined benefit
12.The time the performance obligation is satisfied for revenue
recognitions is usually:: At the time of sale.
13.Probable future economic benefits obtained or controlled by an entity
as a result of past transactions or events defines: Assets
14.In a common-size balance sheet, all items are expressed as a
percentage of:: Total assets
15.The allowance for uncollectible account is classified as:: contra asset
16.A pension plan is underfunded if the projected benefit obligation
exceeds the fair value of the pension plan assets.: True
17.When a company owns more than 50% of another, this accounting
method is required by GAAP.: Consolidation
18.A company that is owned in majority by another company is called::
Sub- sidiary.
19.Software development costs must be expensed until the project
2/4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller HESIGRADER001. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.79. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now