accounting 5110 exam bundle ( A+ graded and with accurate solutions)

five step revenue recognition process - ANS1. identify the contract with the customer 2. identify the performance obligations (single or multiple) 3. determine the transaction price 4. allocated the transaction price (all at once or a period in time) 5. recognize revenue when or as the entity ...

Which of the following statements is INCORRECT concerning traditional ABC? A. It assigns only the cost of used capacity to products B. All of these statements are correct C. It is expensive to build and maintain D. It provides better results than a system which uses volume-based drivers E. It i...

What is meant by the phrase efficient allocation of resources? What mechanism fosters the efficient allocation of resources in the United States? - ANSResources are efficiently allocated if they are given to enterprises that will use them to provide goods and services desired by society and not to ...

Which 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 - ANSd Which of the following is considered c...

Nina Corp. had the following net income (loss) the first three years of operation: $7,200, ($1,000), and $2,400. If the Retained Earnings balance at the end of year three is $500, what was the total amount of dividends paid over these three years? - ANS$8,100 (7200-1000+2400-500) Use the followi...

Nina Corp. had the following net income (loss) the first three years of operation: $7,200, ($1,000), and $2,400. If the Retained Earnings balance at the end of year three is $500, what was the total amount of dividends paid over these three years? - ANS$8,100 (7200-1000+2400-500) Use the followi...

What is the downside of using accrual accounting versus cash-basis accounting discussed in the lecture? -Accrual accounting provides poorer information about past performance. -Accrual accounting is less predictive in terms of future performance than cash-basis accounting. -Accrual accounting i...

Liabilities are a. any accounts having credit balances after closing entries are made. b. deferred credits that are recognized and measured in conformity with generally accepted accounting principles. c. obligations to transfer ownership shares to other entities in the future. d. obligations ar...

legal capital is best defined as a. the amount of capital the state of incorporation allows the company to accumulate a corporate form of business organization, legal capital is best defined as over its existence. b. the par value of all capital stock issued. c. the amount of capital the feder...

Which of the following is a limitation of the balance sheet? a. Many items that are of financial value are omitted. b. Judgments and estimates are used. c. Current fair value is not reported. d. All of these - ANSd The balance sheet is useful for analyzing all of the following except a. liq...