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ACG 4101 - Chapter 7 Questions with complete solution
ACG 4101 - Chapter 7 Questions with complete solution To be classified as cash equivalents, investments must have a maturity date no longer than ______ months from the date of __________________. - correct answer 3 ; purchase In what financial statement are cash and cash equivalents reported on? - correct answer balance sheet What are the four characteristics of internal control? - correct answer 1. encourage adherence to company policies/procedures 2. promote operational effici...
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ACG 4101 - Chapter 7 Questions with complete solution To be classified as cash equivalents, investments must have a maturity date no longer than ______ months from the date of __________________. - correct answer 3 ; purchase In what financial statement are cash and cash equivalents reported on? - correct answer balance sheet What are the four characteristics of internal control? - correct answer 1. encourage adherence to company policies/procedures 2. promote operational effici...
ACG 4101 Final Exam Question and answers 100% correct
ACG 4101 Final Exam Question and answers 100% correct Inventory must be reported at - correct answer the lower of cost and net realizable value (according to GAAP) What does the utility of a company result from ? - correct answer from the ultimate sale of that inventory What impairs utility - correct answer deterioration, obsolescence, changes in price levels, or any situation that might compromise the inventory's salability impairs that utility. Why do we use lower of cost...
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ACG 4101 Final Exam Question and answers 100% correct Inventory must be reported at - correct answer the lower of cost and net realizable value (according to GAAP) What does the utility of a company result from ? - correct answer from the ultimate sale of that inventory What impairs utility - correct answer deterioration, obsolescence, changes in price levels, or any situation that might compromise the inventory's salability impairs that utility. Why do we use lower of cost...
ACG 4101 FINAL CH 1-7 Question and answers rated A+
ACG 4101 FINAL CH 1-7 Question and answers rated A+ Describe relevance - correct answer information has predictive or confirmatory value. Financial info. is material if omitting or misstating could could affect users' decisions faithful represenation - correct answer when there is an agreement between the a measure or description and the phenomenon it purports to represent; enhanced by neutrality, completeness, and free from error. comparability - correct answer the ability of ...
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ACG 4101 FINAL CH 1-7 Question and answers rated A+ Describe relevance - correct answer information has predictive or confirmatory value. Financial info. is material if omitting or misstating could could affect users' decisions faithful represenation - correct answer when there is an agreement between the a measure or description and the phenomenon it purports to represent; enhanced by neutrality, completeness, and free from error. comparability - correct answer the ability of ...
ACG 4101 Exam 2 Chapters 5-7 Question and answers already passed
ACG 4101 Exam 2 Chapters 5-7 Question and answers already passed Simple Interest Formula - correct answer Initial Investment x Interest Rate x Period of time (x/12) Compound Interest - correct answer includes interest on both principle and interest accumulated in previous periods. i.e. semiannually, quarterly, monthly Cindy invested $1,000 in a savings account paying 10% interest compounded twice a year. What will be her investment balance at the end of the year? What is the effect...
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ACG 4101 Exam 2 Chapters 5-7 Question and answers already passed Simple Interest Formula - correct answer Initial Investment x Interest Rate x Period of time (x/12) Compound Interest - correct answer includes interest on both principle and interest accumulated in previous periods. i.e. semiannually, quarterly, monthly Cindy invested $1,000 in a savings account paying 10% interest compounded twice a year. What will be her investment balance at the end of the year? What is the effect...
ACG 4101 Exam 2 Chapter 5-7 FIU Questions with complete solution
ACG 4101 Exam 2 Chapter 5-7 FIU Questions with complete solution Loan A has the same original principal, interest rate, and payment amount as Loan B. However, Loan A is structured as an annuity due, while Loan B is structured as an ordinary annuity. The present value of Loan A will be: The same as Loan B Higher than Loan B Indeterminate with respect to Loan B Lower than Loan B - correct answer Higher than Loan B How does simple interest differ from compound interest? Simp...
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ACG 4101 Exam 2 Chapter 5-7 FIU Questions with complete solution Loan A has the same original principal, interest rate, and payment amount as Loan B. However, Loan A is structured as an annuity due, while Loan B is structured as an ordinary annuity. The present value of Loan A will be: The same as Loan B Higher than Loan B Indeterminate with respect to Loan B Lower than Loan B - correct answer Higher than Loan B How does simple interest differ from compound interest? Simp...
ACG 4101, CH 1, Practice Quiz and answers 100% correct
ACG 4101, CH 1, Practice Quiz and answers 100% correct The type of financial information to external decision makers is referred to as: A. Public accounting B. Government accounting C. Financial accounting D. Managerial accounting - correct answer C. Financial accounting Financial Statements generally include all of the following except: A. Income Statement B. Federal income tax statement C. Balance Sheet D. Statement of cash flows - correct answer B. Federal income tax s...
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ACG 4101, CH 1, Practice Quiz and answers 100% correct The type of financial information to external decision makers is referred to as: A. Public accounting B. Government accounting C. Financial accounting D. Managerial accounting - correct answer C. Financial accounting Financial Statements generally include all of the following except: A. Income Statement B. Federal income tax statement C. Balance Sheet D. Statement of cash flows - correct answer B. Federal income tax s...
ACG 4101 Chapter 9 Question and answers 100% correct
ACG 4101 Chapter 9 Question and answers 100% correct An inventory write-down has the effect of reducing _______________ and reducing ______ ____________. - correct answer inventory ; net income For companies that use FIFO, average cost, or any other method other than LIFO, we report inventory at the ___________________________________________. For companies that use LIFO or the retail inventory method, we report inventory at the ___________________________. - correct answer lower cos...
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ACG 4101 Chapter 9 Question and answers 100% correct An inventory write-down has the effect of reducing _______________ and reducing ______ ____________. - correct answer inventory ; net income For companies that use FIFO, average cost, or any other method other than LIFO, we report inventory at the ___________________________________________. For companies that use LIFO or the retail inventory method, we report inventory at the ___________________________. - correct answer lower cos...
ACG 4101 Ch. 1 Question and answers verified to pass
ACG 4101 Ch. 1 Question and answers verified to pass What is the function and primary focus of financial accounting? - correct answer Financial accounting is concerned with providing relevant financial information about various kinds of organizations to different types of external users. The primary focus of financial accounting is on the financial information provided by profit-oriented companies to their present and potential investors and creditors. What is meant by the phrase efficie...
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ACG 4101 Ch. 1 Question and answers verified to pass What is the function and primary focus of financial accounting? - correct answer Financial accounting is concerned with providing relevant financial information about various kinds of organizations to different types of external users. The primary focus of financial accounting is on the financial information provided by profit-oriented companies to their present and potential investors and creditors. What is meant by the phrase efficie...
ACG 4101 Ch. 3 Question and answers verified to pass
ACG 4101 Ch. 3 Question and answers verified to pass Describe the purpose of the balance sheet. - correct answer The purpose of the balance sheet, also known as the statement of financial position, is to present the financial position of the company on a particular date. Unlike the income statement, which is a change statement that reports events occurring during a period of time, the balance sheet is a statement that presents an organized array of assets, liabilities, and shareholders' ...
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ACG 4101 Ch. 3 Question and answers verified to pass Describe the purpose of the balance sheet. - correct answer The purpose of the balance sheet, also known as the statement of financial position, is to present the financial position of the company on a particular date. Unlike the income statement, which is a change statement that reports events occurring during a period of time, the balance sheet is a statement that presents an organized array of assets, liabilities, and shareholders' ...
ACG 4101 CH 3 Question and answers correctly solved
ACG 4101 CH 3 Question and answers correctly solved How are notes different from accounts payable - correct answer Notes require the payment of explicit interest in addition to the original obligation amount Items held for sale in the normal course of business are classified in the balance sheet as - correct answer Inventory Accrued liability - correct answer An expense that has been incurred but will be paid in a future period Salaries payable, interest payable and taxes paya...
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ACG 4101 CH 3 Question and answers correctly solved How are notes different from accounts payable - correct answer Notes require the payment of explicit interest in addition to the original obligation amount Items held for sale in the normal course of business are classified in the balance sheet as - correct answer Inventory Accrued liability - correct answer An expense that has been incurred but will be paid in a future period Salaries payable, interest payable and taxes paya...
ORGB 327 Leadership Final Exam Question and answers already passed
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E7 PMKEE Question and answers rated A+ 2024/2025
MISY 5340 Exam2 Jim Questions with complete solution 2023/2024
Fire Officer Principles & Practice, 4th Edition Question and answers correctly solved 2023/2024
Texas Bar Exam - Family Law Question and answer 100% correct 2023