accounting 5110 exam bundle 2023

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...

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 ...

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 ...

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 ...

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...

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...

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...

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...

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...