Liberty University ACCT 370 Exam 1 Complete solution EXAM

Liberty University ACCT 370 Exam 1 Complete solution EXAM Liberty University ACCT 370 Exam 1 Complete solution EXAM 1. 1. 2. A 3-for-1 stock split will reduce the per share par value and will 34.. 5. 2. 6. accounting errors or irregularities can occur for what reason? 78.. 10. Accrual accounting net income can differ from operating cash flows for all of the following reasons except: 9. 3. 13. 4. A) future pension and healthcare benefits. B) estimates of uncollectible accounts. C) useful lives of assets. D) dividend declaration and payment dates. 14. Assuming the requirements for recognizing revenue over time are met, and using the percentage-of-completion method to recognize revenue, the measure of completion is 1112.. 1156.. computed by dividing: 17. 5. 18. A balance sheet prepared in accordance with U.S. GAAP typically: 1290.. 22. The balance sheet provides information on all of the following except: A) where the money came from. 21. 6. B) assessing rates of return. C) how management invested its money. 2234.. D) the market price of the company’s stock. 25. 7. 26. Balance sheets prepared under IFRS: 2278.. 29. 8. 30. Being verifiable and neutral is part of what makes financial information 3312.. 33. 9. 34. The best measure of a firm’s sustainable income is 3356.. 37. 10. 38. Cash collected from customers can be derived: 3490.. 41. 11. 42. The cash flow from operating activities: 4434.. 45. 12. 46. The cash flow statement of the company is in process for 2019. They are 4478.. reporting the following balances: 12/31/18 12/31/19 Equipment $ 100,000 $ 170,000 Loss on sale of equipment 0 10,000 Accumulated dep.—equipment 75,000 95,000 During 2019, they sold equipment costing $30,000 for $12,000 and made several purchases of new equipment for cash. Equipment purchases in 2019 were: 50. The cash flow statement of the company is in process for 2019. They are reporting the following balances: 12/31/18 12/31/19 Equipment $ 100,000 $ 170,000 Loss on sale of equipment 0 10,000 49. 13. Accumulated dep.—equipment 75,000 95,000 5512.. During 2019, they sold equipment costing $30,000 for $12,000 and made several purchases of new equipment for cash. If these were the only investing activities, the cash flow from investing activities is a net