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