Intermediate Accounting(solution pack)100% correct

Intermediate AccountingWhich of the following best describes the right to share proportionately in the management of the corporation? a. The right to share proportionately in profits and losses b. The right to vote for directors c. The right to share proportionately in corporate assets upon liqui...

WGU Intermediate Accounting I Accounting Principles Вoard (APB). - correct answer An accounting rule-making board which provided official pronouncements, called APB Opinions, from 1959 through 1973. Accounting Research Bulletins (ARBS). - correct answer Pronouncements issued by CAP dealing wi...

Intermediate Accounting FinalFinancial Accounting - correct answer Has an external focus Who uses Financial Accounting? - correct answer Competitors, consumers/customers, stockholders/owners, potential stockholders/investors, IRS/Government What do those using Financial Accounting use? - co...

Intermediate Accounting Final Exam Review The information provided by financial reporting pertains to a. business industries, rather than to individual enterprises or an economy as a whole or to members of society as consumers b. individual business enterprises, industries, and an economy as a wh...

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 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 Exam 1 Chapters 1-3The 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 S...

Intermediate Accounting -- Cash Flows in detail Operating 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 - corre...

Intermediate Accounting Test 2 Balance Sheet - correct answer a snap shot of a company economic condition at a point in time Reports a company resources and claims to those resources Uses of Balance sheet - correct answer describes resources a firm has available for generating future cash flo...

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 Spiceland Chapter 1The Conceptual Framework - correct answer Provides the underlying foundation for accounting standards. The "Accounting Constitution" Qualitative Characteristics of Accounting Information - correct answer Relevance & Faithful representation Recogni...

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 Chapter 8Inventory 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 inv...

Intermediate Accounting: Final Exam Questions Arises 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 Invest...

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 2 --> Chapter 12Intangible 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 (all ...

Intermediate Accounting MidtermAccording to the FASB Conceptual Framework, financial information is considered faithfully represented if it is - correct answer Complete, neutral, and free from error. Which of the following is an advantage of cash basis accounting vs. accrual basis accounting? - ...

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 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 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 I - Exam 2 Which of the following would be more likely in multiple step income statement: 1. Total Expenses 2. Total Revenues & Gains 3. Operating Income - correct answer Operating Income is most likely found in a multiple step income statement Item typically included...

intermediate accounting The cost of a nonmonetary asset acquired in exchange for another nonmonetary asset is the fair value of the new asset acquired. - correct answer false! GAAP requires a company to report its property, plant, and equipment at fair value less accumulated depreciation. - co...

Intermediate Accounting: Chapter 9Lower-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 declin...

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. ...

WGU C248 intermediate accounting 1 pre assessmentWhich two factors do investors consider when they analyze an entity's financial reports? - correct answer -The company's ability to generate net cash inflows. -Management's ability to protect and enhance invested capital CH 1 Which two stat...

Chapter 14 - Intermediate Accounting The covenants and other terms of the agreement between the issuer of bonds and the lender are set forth in the A. bond indenture. B. bond debenture. C. registered bond. D. bond coupon. - correct answer A. bond indenture. The covenants and other terms o...