Accounting (ACCT)

ACCT 3367: Accounting Final Exam What are the most liquid assets? - correct answercash ex: coin, currency, deposits at the bank, money orders, certified checks, cashier's checks, bank drafts, & savings accounts What are cash equivalents? - correct answer- short-term, highly liquid investments ex: treasury bills, commercial paper, money market funds What is restricted cash? - correct answerCash set aside for a particular purpose; material in amount ex: cash restricted for; (1...

ACCT ACCOUNTING IA Ch.7 SB PT. 3 Which of the following give rise to a note receivable? (Select all that apply.) - correct answer-Loaning money to stockholders. -Loaning money to an affiliated company. -A formal, written extension of the credit period to trade customers. Where is a note receivable reported in the balance sheet? - correct answerIn either current or noncurrent assets, as appropriate. (Face amount x annual rate x fraction of the annual period) is the formula for - corr...

acct AGBU FINANCE 3367 Exam 1

ACCT Chapter 7: Restricted Cash and Compensating Balances a noncurrent asset such as investments and funds or other assets - correct answerCash that is restricted in some way and not available for current use is usually reported as what? investments and funds or other assets - correct answerCash set aside by managers for a project or something should be classified as what? disclosure notes - correct answerAny material restrictions of cash should be described where? compensating balan...

ACCT 3367 Accounting Exam 1 deduction from sales in income statement - correct answerIf a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as the amount of the discount is not material - correct answerAssuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does not make the balance she...

ACCT 3366 Accounting Ch1 Expense recognition - correct answerrecord expenses in the period the related revenue is recognized Periodicity assumption - correct answerthe life of an enterprise can be divided into artificial time periods Historical cost principle - correct answerthe original transaction value upon acquisition Materiality - correct answerConcerns the relative size of an item and its effect on decisions revenue recognition - correct answercriteria usually satisfied fo...

ACCT 3366 Chapter 2 Concepts & Terms Neutrality - correct answerInformation that does not favor one set of interested parties over another. Monetary unit - correct answerThe ___________ assumption would be threatened by the existence of severe inflation in the economy. Gains and Losses - correct answerComprehensive income includes Gains - correct answer_________ arise from peripheral or incidental transactions. Historical Cost - correct answerWhich of the following is inconsiste...

Acct. 3366 Accounting exam 1 Economic resources, expected to benefit the business in the future? - correct answerAssets Economic obligations payable to an individual or organization outside the business? - correct answerLiabilities List five assets categories. - correct answer1. Cash 2. Accounts receivable 3. Merchandise inventory 4. Furniture 5. Land List three liabilities categories. - correct answer1. Account payable 2. Notes payable 3. Salary payable Claims to Assets a...

ACCT 3366 Exam 1 Frameworks Conceptual Framework - correct answera coherent system of objectives and fundamentals established by the FASB, which determine the nature, function, and limits of financial accounting and which lead to consistent accounting standards. - correct answerA soundly developed conceptual framework thus enables the FASB to issue more useful and consistent pronouncements over time; a coherent set of standards should result 3 Levels of Framework for Financial Report...

ACCT 2301 Accounting Exam 1 The field of accounting that focuses on providing information for external decision makers is ________. - correct answewfinancial accounting Which of the following is a decision made by an internal user? - correct answewHow much money should the business budget for production? GAAP refers to guidelines for accounting information in the United States. The acronym GAAP in this statement refers to ________. - correct answewGenerally Accepted Accounting Princ...