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Liberty University ACCT 370 Exam 1 Complete solution.
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Liberty University ACCT 370 Exam 1 Complete solution.
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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:
A) future pension and healthcare benefits.
9. 3. 1112..
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
13. 4. completion is 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. 2234..
C) how management invested its
money.
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
cash:
53. 14. 54. Changes in the balance sheet accounts at June 30, 2018 and 2019 for
the Company are presented below:
Assets
, 0,000
555.6.
Accounts receivable 200,000
Inventory 300,000
Long-term investments 200,000
Equipment (200,000 )
Accumulated depreciation (60,000 )
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