Intermediate Accounting complied together!

Intermediate Accounting: Final Exam QuestionsArises from peripheral or incidental transactions (ch2) - correct answer Gains;Losses Obligation to transfer resources arising from a past transaction (ch2) - correct answer Liabilities Increases ownership interest (ch2) - correct answer Investme...

intermediate accounting exam 3Which of the following is not considered cash for financial reporting purposes? a. petty cash funds and change funds b. money orders, certified checks, and personal checks c. coin, currency, and available funds d. postdated checks and I.O.U.s - correct answer postd...

Intermediate Accounting- Exam 1Accounting Cycle - correct answer the process by which companies produce their financial statements for a specific period Resources - correct answer owned or controlled by company and it has a probable future economic benefit Liabilities - correct answer repre...

Intermediate Accounting Exam 1 Study GuideWhat is GAAP? - correct answer Standards by which accounting info is prepared and presented to external users. (FASB is source for GAAP through Accounting Standards Codification) What are the means of Financial Reporting except Financial Statements? - c...

Intermediate Accounting Exam 1 Chapters 1-3 The accounting standards power was first given to.... a. Accounting Principles Board b. Financial Accounting Standards Board c. The Committee on Accounting Procedure d. FASB Accounting Standards Codification - correct answer c The FASB Accounting...

Intermediate Accounting Exam #1providers of financial information - correct answer profit oriented companies, not for profit entities, households external users of financial information - correct answer investors, creditors, employees, banks, labor unions, customers, suppliers, gov regulatory a...

Intermediate Accounting Exam #1 (ch.1-4)According to Statement of Financial Accounting Concepts No. 2, predictive value is an ingredient of the fundamental quality of: Relevance: Faithful Representation: a. yes no b. yes yes c. no no d. no yes - correct answer a: yes; no Financial infor...

Intermediate Accounting Chapter 16Convertible Bonds: a. have priority over other indebtedness. b. are usually secured by a first or second mortgage. c. pay interest only in the event earnings are sufficient to cover the interest. d. may be exchanged for equity securities. - correct answer D. Ma...

Intermediate Accounting Chapter 14What does Long-Term consists of? - correct answer It consists of a probable future sacrifice of economic benefits arising from present obligations that are not payable within a year or the operating cycle of the company, whichever is longer. What is a bond and w...

Intermediate Accounting Chapter 10 When a *long-lived asset is acquired*, it is typically classifies into one of two categories: - correct answer (1) property, plant, and equipment (2) intangible assets property, plant, and equipment (PP&E) *derive their value* from long-term use in..... ex...

Intermediate Accounting: Chapter 9 Lower-of-cost-or-market - correct answer Lower-of-cost-or-market - Inventories are recorded at their cost. However, if inventory declines in value below its original cost, a major departure from the historical cost principle occurs. Whatever the reason for a decl...

Intermediate Accounting Chapter 8 Inventory does not include - correct answer Equipment used in the manufacturing of assets for sale. In a perpetual average cost system: - correct answer A new weighted-average unit cost is calculated each time additional units are purchased In a PERPETUAL i...

Intermediate Accounting Chapter 6All things being equal, if a company borrows money it prefers to pay simple interest. True or False - correct answer True Future value is A. Always greater than the present value B. the amount that must be invested now to produce a known future value. C. ...

Intermediate Accounting: Chapter 2 Debits increase asset accounts and decrease liability accounts. - correct answer True Adjusting journal entries are required to comply with the realization and matching principles. - correct answer True The adjusted trial balance contains only permanent ac...

Intermediate Accounting Chapter 11. Summary of Learning Objectives Identify the major financial statements and other means of financial reporting - correct answer Companies most frequently provide (l) the balance sheet, (2) the income statement, (3) the statement of cash flows, and (4) the stateme...

Intermediate Accounting Ch 1-4Financial accounting - correct answer Process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties Managerial accounting - correct answer Process of identifying, measuring, analyzing, and communicat...

Intermediate Accounting 2 Chapter 14Long Term Debt - correct answer Consists of probable future sacrifices of economic benefits arising fro present obligations that are not payable within a year or the operating cycle of hte company, whichever is longer Long Term liabilities - correct answer Bo...

Intermediate Accounting 2 --> Chapter 12 Intangible Assets 2 Main Characteristics - correct answer 1. Lack Physical Existence 2. Not Financial Instruments: don't claim to receive cash in the future Purchased vs. Internally Created Intangibles - correct answer Purchased: record at cost (al...

Intermediate Accounting 1 Midterm 1 ExamWhich of the following is not a user of financial reports? A. Government Agencies B. Customers C. Unions D. Creditors - correct answer B The information provided by financial reporting pertains to A. individual business enterprises, industries, a...

Intermediate Accounting 1: Exam 1major financial statements - correct answer BS, IS, SCF, OE, Notes to the FS additional sources - correct answer Presidents Letter, Prospectus, SEC filings, news release, financial forecast, environmental, non financial audience - correct answer Investors an...

Intermediate Accounting 1: Exam 1 Chapter 1 and 2Describe the function and primary focus of financial accounting - correct answer PRIMARY OBJECTIVE: to provide investors and creditors with useful information for decision making -provides information to predict the future risk and potential return...

Intermediate Accounting 1 (Ch.1-5)Accounting & Capital Allocation - correct answer Financial reporting: provides direction to users on capital allocation decisions > Users: investors/creditors > Capital Allocation: how money gets spent Accounting Principles Board (APB) - correct answer st...

Intermediate Accounting - Chapter 9Which of the following is true about lower-of-cost-or-market? a. It is inconsistent because losses are recognized but not gains. b. It usually understates assets. c. It can increase future income. d. All of these. - correct answer d. All of these. The pr...

Intermediate Accounting -- Cash Flows in detailOperating Activities - correct answer Involve the cash effects of transactions that enter into the determination of net income. (Income statement items- Noncash charges, gains & losses, and change in current accounts) Investing Activities - correct...