ACCT 301 Final Exam Review
the product is delivered
For a typical manufacturing company, the most common critical point for recognizing revenue is the date
Lower of cost or net realizable value
For companies using FIFO or average cost, inventory is valued at
Purchases
In a periodic system, the cost of purchases is debited to
distort the net income
In periods when costs are rising, LIFO liquidations
The cost of office equipment
Inventory does not include
The readiness of an asset to be converted to cash
Liquidation refers to
occur after revenue or expense recognition
Accruals occur when cash flows
included in inventory
Company's estimate should be
cash in a bank account that can't be spent
Compensating balances represent
Gain on sale of equipment
Each of the following would be reported as items of other comprehensive income except
assets initial capitalized cost minus residual value
The allocation base of an asset refers to which of the following
contra asset account
The allowance for uncollectible accounts is a
usually provides a better match of expenses with revenues
The use of LIFO in accounting for a firms inventory
a change in the estimated useful lives of equipment in January 2022
a subsequent event for an entity with a December 31, 2021, year-end would not include
From FIFO to LIFO
Which of the following would not require the company to account for the change retrospectively
Wilmbledon Tennis
Why could Lafon miss church?
Present value of $1
You want to buy a car for $10,000 and need to know the monthly payments (1st of the month), which table should be used
is handles prospectively
accounting for a change in the estimated service life of equipment
Expected amount to be collected
accounts receivable are normally reported at the
adverse
an omission in the notes that is so serious that even a qualified opinion is not justified results in
High Grade Marketable securities
cash equivalents do not include
Prospective
changes in estamites are accounted for using which approach
Net purchases + Beginning inventory - ending inventory
cost of goods sold is given by
Data to adjust the financial statements so that they are not misleading.
disclosure notes would not include
the ability of reported earnings to predict a company's future earnings
earnings quality refers to
interest expense
permanent accounts do not include
A line item within income from continuing operations
popson inc incurred a material loss that was unusual in character. This loss should be reported as
going concern
the assumption that in the absence of contrary information a business entity will continue indefinitely is the
chocolate chip cookie
what is lagoons favorite cookie?
sales are shown net of estimated returns in the income statement
when a seller offers a right of return, which of the following is true
SEC
which of the following has the statutory authority to set accounting standards in the unites states
extended warranties on electronic products
which of the following is considered a performance obligation
Identify the performance obligations of the contract
which of the following is one of the steps for recognizing revenue