Finc 4335 Exam 1 Questions And Answers Rated 100%!!!
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Course
FINC 4330
Institution
FINC 4330
Which of the following statements is true regarding the impact of using different inventory costing methods? - ANS During periods of deflation, using the FIFO inventory costing method leads to a lower tax liability (all else equal).
Which of the following statements regarding the assumpt...
Finc 4335 Exam 1 Questions And
Answers Rated 100%!!!
Which of the following statements is true regarding the impact of using different inventory
costing methods? - ANS During periods of deflation, using the FIFO inventory costing
method leads to a lower tax liability (all else equal).
Which of the following statements regarding the assumptions underlying financial statements is
NOT true? - ANS A business entity has a finite life
Which of the following is not one of the reasons why net income differs from cash flows from
operations under the indirect method of calculating cash flows? - ANS sale or repurchase
of capital stock
The balance sheet reports economic resources and the claims to those resources on a specific
date. - ANS true
Accounts payable are reported as a current asset on the balance sheet. - ANS true
Denote whether the following account is listed as an asset (including contra accounts), liability,
or equity account on the balance sheet OR is found on the income statement.
INVENTORY - ANS asset
Denote whether the following account is listed as an asset (including contra accounts), liability,
or equity account on the balance sheet OR is found on the income statement.
INTEREST EXPENSE - ANS income statement
Denote whether the following account is listed as an asset (including contra accounts), liability,
or equity account on the balance sheet OR is found on the income statement.
COST OF GOODS SOLD - ANS income statement
Denote whether the following account is listed as an asset (including contra accounts), liability,
or equity account on the balance sheet OR is found on the income statement.
PREPAID EXPENSES - ANS asset
Which of the following statements regarding the indirect statement of cash flow is true? - ANS
None of the other options given are correct.
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