Accumulated dep - Study guides, Class notes & Summaries

ADVANCED FINANCIAL ACCOUNTING EXAM 2023 VERIFIED QUESTIONS AND ANSWERS A foreign subsidiary of the Bart Corporation has certain balance sheet accounts on December 31, 20X2. Information relating to these accounts in U.S. dollars is as follows: Restated at Current Rates Historical Rates Marketable (AFS and Trading) Securities $ 75,000 $ 85,000 Inventories, carried at average cost $ $ 600,000 $ 700,000 Refundable Deposits $ 25,000 $ 30,000 Goodwill $ 55,000 $ 70,000 Total $ 755,000 $...

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 ...

1. In applying LCM, market cannot be: a. Less than net realizable value minus a normal profit margin b. Net realizable value less reasonable completion and disposal costs c. Greater than net realizable value reduced by an allowance for normal profit margin. d. Less than cost Answer: A 2. When using the gross profit method to estimate ending inventory, it is not necessary to know: a. Beginning inventory b. Net purchases c. Cost of goods sold d. Net sales Answer: C 3. Under the conventio...

TESTBANK FOR Corporate Finance, 3rd Edition by Jonathan Berk and Peter DeMarzo Corporate Finance, 3e (Berk/DeMarzo) Chapter 1 The Corporation 1.1 The Four Types of Firms 1) A sole proprietorship is owned by: A) one person. B) two of more persons. C) shareholders. D) bankers. Answer: A Diff: 1 Section: 1.1 The Four Types of Firms Skill: Definition 2) Which of the following organization forms for a business does NOT avoid double taxation? A) Limited partnership B) "C" corpora...

ACC 205 WEEK 1-5 ACCOUNT CYCLE – FULL CYCLE LEVEL 1 ACCOUNT BALANCES Activity 2.a - The Four Items that Affect Equity Drag the items that affect equity into the expanded accounting equation, beginning with capital. Then, identify whether the item increases, '+', or decreases, '­'minus, equity. View drag and drop keyboard instructions Assets = Liabilities+ Owner Capital-Owner Withdraw+ Revenue – Expenses Activity 3.a - Classify the Accounts Classify which part of the expanded ...

ADVANCED FINANCIAL ACCOUNTING EXAM 2023 VERIFIED QUESTIONS AND ANSWERS A foreign subsidiary of the Bart Corporation has certain balance sheet accounts on December 31, 20X2. Information relating to these accounts in U.S. dollars is as follows: Restated at Current Rates Historical Rates Marketable (AFS and Trading) Securities $ 75,000 $ 85,000 Inventories, carried at average cost $ $ 600,000 $ 700,000 Refundable Deposits $ 25,000 $ 30,000 Goodwill $ 55,000 $ 70,000 Total $ 755,000 $...

Liberty University ACCT 370 Quiz 1 Power answer Liberty University ACCT 370 Quiz 1 Power answer A+ Guarantee: When adjusting accrual earnings to obtain cash flows from operations, an increase in Prepaid Rent Expense is subtracted to arrive at cash flow from operations. The Barden Company provides the following trial balance as of December 31, 20X1. Debit Credit Cash and cash equivalents $345,000 Accounts receivable 115,000 Inventory 120,000 Prepaid insurance 7,500 Prepaid rent 40...

TESTBANK FOR Corporate Finance, 3rd Edition by Jonathan Berk and Peter DeMarzo Corporate Finance, 3e (Berk/DeMarzo) Chapter 1 The Corporation 1.1 The Four Types of Firms 1) A sole proprietorship is owned by: A) one person. B) two of more persons. C) shareholders. D) bankers. Answer: A Diff: 1 Section: 1.1 The Four Types of Firms Skill: Definition 2) Which of the following organization forms for a business does NOT avoid double taxation? A) Limited partnership B) "C" corpora...

Awesome Sweets sells different kinds of cookies, candies, and other sweets. Awesome Sweets has a return on assets (ROA) of 6.9% How does Awesome Sweets know if the 6.9% ROA is a good return to attract possible investors? The return on assets (ROA) would have to be compared to the ROA's of competing businesses that sell the same type of products. If 6.9% is higher than the ROA of other companies in the same type of business, then it would be a good investment. A field of accounting that...

Inventory Cost Flow Assumptions: - correct answer FIFO LIFO Lower of Costs or Market Weighted Average Specific Identification FIFO - correct answer First in First Out used in Production Lines. Transfers inventory cost to the COGS account the oldest incurred and to leave in the inventory asset account the most recent costs of merchandise purchased. Leads to higher assets & net income What Financial Statement does FIFO show up on? - correct answer Balance Sheet LIFO - correct answer ...