Acct 321 Advance Financial Reporting Exam Quizzes

In: Business and Management

Submitted By coursehomework
Words 426
Pages 2
ACCT 321 ADVANCE FINANCIAL REPORTING EXAM QUIZZES
To purchase this visit here: http://www.coursehomework.com/product/acct-321-advance-financial-reporting-exam-quizzes/ Contact us at: help@coursehomework.com ACCT 321 ADVANCE FINANCIAL REPORTING EXAM QUIZZES
Which of the following is not a required component of financial statements prepared in accordance with generally accepted accounting principles?
1. Balance sheet.
2. Notes to financial statements.
3. Income statement.
4. President's letter to shareholders.
When should an expenditure be recorded as an asset rather than an expense?
1. Always
2. If the amount is material.
3. When future benefit exists.
4. President's letter to shareholders
Recognition of expense related to amortization of an intangible asset illustrates which principle of accounting?
1. Historical cost.
2. Expense recognition.
3. Full disclosure.
4. Revenue recognition.
Allowing firms to estimate rather than physically count inventory at interim (quarterly) periods is an example of a
1. Trade-off between timeliness and verifiability.
2. Neutrality and consistency.
3. Verifiability and faithful representation.
4. Faithful representation and comparability.
Which accounting assumption or principle is being violated if a company is a party to major litigation that it may lose and decides not to include the information in the financial statements because it may have a negative impact on the company's stock price?
1. Going concern.
2. Historical cost.
3. Expense recognition.
4. Full disclosure.
What is the general approach as to when product costs are recognized as expenses?
1. In the period when the vendor invoice is received.
2. In the period when the expenses are incurred.
3. In the period when the related revenue is recognized.
4. In the period when the expenses are paid.
Not adjusting the amounts reported in the…...

Similar Documents

Financial Reporting

...Financial Reporting Research In many cases, a business is not successful without a well-organized financial branch of their company. Whether it is a small business and reporting is done by the owner or if it is a large business that has a financial department, a company needs to know if it is making a profit. Modern accounting is believed to have begun around 1494 A.D. Book keeping entered into the Unites States in late 19th century. The first accounting exam was held by and organization in 1896. Today, accounting is used throughout the world and business to communicate, buy, sell and barter with each other very frequently and therefore, International accounting principles have been developed for the entire globe (Csebfalvi, 2012). In today’s highly competitive business world the environment requires companies to create a business strategy that includes accounting. This portion of their business strategy will help them achieve their strategic goals for the organization. In 1973, the International Accounting Standings Committee came in to existence in order to establish new international standards. The International Accounting Standards Board is the committee responsible for developing International Financial Reporting Standards (Knowledge guide to international accounting standards). This firm ensures that businesses are applying these standards to their financial reports. The first recorded account of international accounting was an article by Lord Benson called......

Words: 1160 - Pages: 5

Acc 545 Complete Class and Final Exam (Financial Reporting)

...ACC 545 Complete Class and Final Exam (Financial Reporting) Click Link Below To Purchase Complete Class: http://homework-aid.com/ACC-545-Complete-Class-and-Final-Exam-Financial-Reporting-1425.htm?categoryId=-1 ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report ACC 545 Week 2, Learning Team, Los Lobos Ledger Preparation ACC 545 Week 3, Individual Assignment, Jamona Corporation Data ACC 545 Week 3, Indvidual Assignment, Jamona Corporation Scenario ACC 545 Week 4 Individual Assignment ACC 545 Week 4, Individual Assignment, Restructuring Debt Data ACC 545 Week 4, Individual Assignment, Restructuring Debt ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario Data ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario ACC 545 Week 6, Final Exam ACC 545 Week 6, Learning Team Assignment, Consolidated Financial Statements ACC 545 Week 1, Individual Assignment, CPA Report Click Link Below To Purchase: http://homework-aid.com/ACC-545-Week-1-Individual-Assignment-CPA-Report-Two-Papers-1424.htm?categoryId=-1 ACC 545 Week 1, Individual Assignment, CPA Report ACC 545 Week 1 Individual Assignment CPA Report Click Link Below To Purchase: http://homework-aid.com/ACC-545-Week-1-Individual-Assignment-CPA-Report-Two-Papers-1424.htm?categoryId=-1 As the CPA for a large organization, you were asked by your manager to provide information to outside CPAs who are examining...

Words: 1304 - Pages: 6

Acct-321

...5 Conclusion Companies should set up an integrated internal control system. First, establish overarching principles that express companies’ values and standards that guide employees conduct. To be most effective, the principles should be developed and disseminated in an open participative environment involving as many employees as possible. Second, strictly enforce the principles and standards. All employees must behave ethically themselves, especially top managers. Last, reinforce system of the company must support ethical behavior. Employees should be rewarded for their behaving ethically, and they should be punished for their behaving unethically. 1 Joseph F. Castellsno, How Corporate Culture Impacts Unethical Distortion of Financial Numbers, Management Accounting Quarterly, Summer, 2004 2 Charles T. Horngren, Cost Accounting, A Managerial Emphasis, 14th Edition 3 W. Edward Stead, An Integrative Model for Understanding and Managing Ethical Behavior in Business Organizations, Journal of Business Ethics, Volume 9, November 3 (1990), p. 7....

Words: 839 - Pages: 4

Acc 545 Complete Class and Final Exam (Financial Reporting)

...ACC 545 Complete Class and Final Exam (Financial Reporting) Click Link Below To Purchase Complete Class: http://homework-aid.com/ACC-545-Complete-Class-and-Final-Exam-Financial-Reporting-1425.htm?categoryId=-1 ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report ACC 545 Week 2, Learning Team, Los Lobos Ledger Preparation ACC 545 Week 3, Individual Assignment, Jamona Corporation Data ACC 545 Week 3, Indvidual Assignment, Jamona Corporation Scenario ACC 545 Week 4 Individual Assignment ACC 545 Week 4, Individual Assignment, Restructuring Debt Data ACC 545 Week 4, Individual Assignment, Restructuring Debt ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario Data ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario ACC 545 Week 6, Final Exam ACC 545 Week 6, Learning Team Assignment, Consolidated Financial Statements ACC 545 Week 1, Individual Assignment, CPA Report Click Link Below To Purchase: http://homework-aid.com/ACC-545-Week-1-Individual-Assignment-CPA-Report-Two-Papers-1424.htm?categoryId=-1 ACC 545 Week 1, Individual Assignment, CPA Report ACC 545 Week 1 Individual Assignment CPA Report Click Link Below To Purchase: http://homework-aid.com/ACC-545-Week-1-Individual-Assignment-CPA-Report-Two-Papers-1424.htm?categoryId=-1 As the CPA for a large organization, you were asked by your manager to provide information to outside CPAs who are examining a......

Words: 1304 - Pages: 6

Acc 545 Complete Class and Final Exam (Financial Reporting)

...ACC 545 Complete Class and Final Exam (Financial Reporting) Click Link Below To Purchase Complete Class: http://homework-aid.com/ACC-545-Complete-Class-and-Final-Exam-Financial-Reporting-1425.htm?categoryId=-1 ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report ACC 545 Week 2, Learning Team, Los Lobos Ledger Preparation ACC 545 Week 3, Individual Assignment, Jamona Corporation Data ACC 545 Week 3, Indvidual Assignment, Jamona Corporation Scenario ACC 545 Week 4 Individual Assignment ACC 545 Week 4, Individual Assignment, Restructuring Debt Data ACC 545 Week 4, Individual Assignment, Restructuring Debt ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario Data ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario ACC 545 Week 6, Final Exam ACC 545 Week 6, Learning Team Assignment, Consolidated Financial Statements ACC 545 Week 1, Individual Assignment, CPA Report Click Link Below To Purchase: http://homework-aid.com/ACC-545-Week-1-Individual-Assignment-CPA-Report-Two-Papers-1424.htm?categoryId=-1 ACC 545 Week 1, Individual Assignment, CPA Report ACC 545 Week 1 Individual Assignment CPA Report Click Link Below To Purchase: http://homework-aid.com/ACC-545-Week-1-Individual-Assignment-CPA-Report-Two-Papers-1424.htm?categoryId=-1 As the CPA for a large organization, you were asked by your manager to provide information to outside CPAs who are examining a......

Words: 1304 - Pages: 6

Acct-346 Quizzes and Exams

...ACCT-346 Quizzes and Exams http://uphomework.com/downloads/acct-346-quizzes-exams/ ACCT/346 All Quizzes and Exams Solved – A Grade Guaranteed ACCT346 Test Bank All Quizzes + Midterm Exam + Final Exam Chapter 1- 20 CHAPTER 1 TRUE/FALSE QUESTIONS 1. The purpose of the financial system is to bring savers and borrowers together. 2. Businesses are never DSUs. 3. A financial claim is an “IOU” from a deficit spending unit. 4. Investment bankers help DSUs bring new primary security issues to market. 5. Deposits in a credit union by a household are an example of direct finance. 6. When an SSU owns a financial claim created by financial intermediation, its residual claim is against a DSU. 7. Assets of financial intermediaries include direct financial claims only. 8. Finance companies take small consumer deposits and make large consumer loans. 9. Liabilities of financial intermediaries are indirect financial claims. 10. Direct finance requires a more or less exact match of preferences. 11. There must be an equal number of DSUs and SSUs in a period. 12. Every financial claim appears on two balance sheets. 13. Without a financial sector, real investment must be financed internally by the DSU. 14. Depository intermediaries issue claims that are for the most part highly liquid. 15. A household is an SSU when income for the period exceeds spending. 16. An SSU must hold a claim until its scheduled maturity. 17. Financial claims or securities are written for the......

Words: 25527 - Pages: 103

Acct 212 Principles of Financial Accounting Final Exam

...ACCT 212 Principles Of Financial Accounting Final Exam http://homeworkyahoo.com/downloads/acct-212-principles-of-financial-accounting-final-exam/ To Buy this tutorial Copy & paste above link in your Brower ACCT 212 Principles Of Financial Accounting Final Exam (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Supplies Expense in the form of a journal entry (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented. (TCO 4) Inventory valuation methods determine the cost of goods sold and......

Words: 932 - Pages: 4

Acc/545 Class Work and Final Exam (Financial Reporting)

...ACC/545 Class Work and Final Exam (Financial Reporting) Click Link Below To Buy: http://hwcampus.com/shop/acc-545/acc545-class-work-and-final-exam-financial-reporting/ Or Visit www.hwcampus.com ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report ACC 545 Week 2, Learning Team, Los Lobos Ledger Preparation ACC 545 Week 3, Individual Assignment, Jamona Corporation Data ACC 545 Week 3, Indvidual Assignment, Jamona Corporation Scenario ACC 545 Week 4 Individual Assignment ACC 545 Week 4, Individual Assignment, Restructuring Debt Data ACC 545 Week 4, Individual Assignment, Restructuring Debt ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario Data ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario ACC 545 Week 6, Final Exam ACC 545 Week 6, Learning Team Assignment, Consolidated Financial Statements ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1 Individual Assignment CPA Report As the CPA for a large organization, you were asked by your manager to provide information to outside CPAs who are examining a subsidiary that has been set up as a corporation. As part of their review, the CPAs have asked you to provide them with the following explanations: The methodology used to determine deferred taxes The procedures for reporting accounting changes and error corrections The rationale behind...

Words: 1066 - Pages: 5

Acct 574 Entire Course All Quizzes and Midterm Exam

...ACCT 574 Entire Course all Quizzes and Midterm Exam http://homeworklance.com/downloads/acct-574-entire-course-all-quizzes-and-midterm-exam/ ACCT 574 Entire Course all Quizzes and Midterm Exam ACCT 574 Week 1 Quiz ACCT 574 Week 2 Quiz ACCT 574 Week 3 Quiz ACCT 574 Week 4 Midterm 1. (TCO A) Which statement is false? 2. (TCO A) What would be a task of a litigation services practitioner? 3. (TCO A) Which is not a forensic¬type certificate? 4. (TCO A) Under the “KPMG” categories of fraud, what would probably not be an external fraud? 5. (TCO A) Which statement is false? 6. (TCO A) What is an investigative technique used by the SEC to investigate specific companies for cooking the books? 7. (TCO A) Which would be a preventive control? 8. (TCO A) Control risk is: 9. (TCO A) Which statement is false regarding SAS No. 99? 10. (TCO A) Which statement is false? 11. (TCO A) Horizontal analysis typically involves what? 12. (TCO A) Given these facts, calculate return on equity: 13. (TCO B) What is a red flag of kiting? 14. (TCO B) ____________ requires keeping detailed records before and after the ____________ period to determine the amount of fraud. 15. (TCO B) A fraud investigation should not be commenced without proper ____________ 16. (TCO B) Which of the following is an example of a reactive approach to fraud detection? 17. (TCO B) Which would not be a way to detect an individual engaging in procurement fraud? 18. (TCO B) Which would be a red flag of...

Words: 471 - Pages: 2

Acc/545 Class Work and Final Exam (Financial Reporting)

...ACC/545 Class Work and Final Exam (Financial Reporting) Click Link Below To Buy: http://hwcampus.com/shop/acc-545/acc545-class-work-and-final-exam-financial-reporting/ Or Visit www.hwcampus.com ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report ACC 545 Week 2, Learning Team, Los Lobos Ledger Preparation ACC 545 Week 3, Individual Assignment, Jamona Corporation Data ACC 545 Week 3, Indvidual Assignment, Jamona Corporation Scenario ACC 545 Week 4 Individual Assignment ACC 545 Week 4, Individual Assignment, Restructuring Debt Data ACC 545 Week 4, Individual Assignment, Restructuring Debt ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario Data ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario ACC 545 Week 6, Final Exam ACC 545 Week 6, Learning Team Assignment, Consolidated Financial Statements ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1 Individual Assignment CPA Report As the CPA for a large organization, you were asked by your manager to provide information to outside CPAs who are examining a subsidiary that has been set up as a corporation. As part of their review, the CPAs have asked you to provide them with the following explanations: The methodology used to determine deferred taxes The procedures for reporting accounting changes and error corrections The rationale behind...

Words: 1066 - Pages: 5

Acct 344 (Complete Course) Homework, Quizzes, Final Exam – Devry

...ACCT 344 (COMPLETE COURSE) HOMEWORK, QUIZZES, FINAL EXAM – DEVRY To purchase this, Click here http://www.activitymode.com/product/acct-344-complete-course-homework-quizzes-final-exam-devry/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 344 (COMPLETE COURSE) HOMEWORK, QUIZZES, FINAL EXAM - DEVRY ACCT 344 (COMPLETE COURSE) HOMEWORK, QUIZZES, FINAL EXAM - DEVRY ACCT 344 Week 1 Homework ACCT 344 Week 1 Quiz ACCT 344 Week 2 Homework ACCT 344 Week 2 Quiz ACCT 344 Week 3 Homework ACCT 344 Week 3 Quiz ACCT 344 Week 5 Homework ACCT 344 Week 5 Quiz ACCT 344 Week 6 Homework ACCT 344 Week 6 Quiz ACCT 344 Week 8 Final Exam ACCT 344 (COMPLETE COURSE) HOMEWORK, QUIZZES, FINAL EXAM – DEVRY To purchase this, Click here http://www.activitymode.com/product/acct-344-complete-course-homework-quizzes-final-exam-devry/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 344 (COMPLETE COURSE) HOMEWORK, QUIZZES, FINAL EXAM - DEVRY ACCT 344 (COMPLETE COURSE) HOMEWORK, QUIZZES, FINAL EXAM - DEVRY ACCT 344 Week 1 Homework ACCT 344 Week 1 Quiz ACCT 344 Week 2 Homework ACCT 344 Week 2 Quiz ACCT 344 Week 3 Homework ACCT 344 Week 3 Quiz ACCT 344 Week 5 Homework ACCT 344 Week 5 Quiz ACCT 344 Week 6 Homework ACCT 344 Week 6 Quiz ACCT 344 Week 8 Final Exam ACCT 344 (COMPLETE COURSE) HOMEWORK, QUIZZES, FINAL EXAM – DEVRY To purchase this, Click here http://www.activitymode.com/product/acct-344-complete-course-homework-quizzes-final-exam-devry/ Contact us......

Words: 540 - Pages: 3

Acct 321 Advance Financial Reporting Exam Quizzes

...ACCT 321 ADVANCE FINANCIAL REPORTING EXAM QUIZZES To purchase this visit here: http://www.activitymode.com/product/acct-321-advance-financial-reporting-exam-quizzes/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 321 ADVANCE FINANCIAL REPORTING EXAM QUIZZES Which of the following is not a required component of financial statements prepared in accordance with generally accepted accounting principles? 1. Balance sheet. 2. Notes to financial statements. 3. Income statement. 4. President's letter to shareholders. When should an expenditure be recorded as an asset rather than an expense? 1. Always 2. If the amount is material. 3. When future benefit exists. 4. President's letter to shareholders Recognition of expense related to amortization of an intangible asset illustrates which principle of accounting? 1. Historical cost. 2. Expense recognition. 3. Full disclosure. 4. Revenue recognition. Allowing firms to estimate rather than physically count inventory at interim (quarterly) periods is an example of a 1. Trade-off between timeliness and verifiability. 2. Neutrality and consistency. 3. Verifiability and faithful representation. 4. Faithful representation and comparability. Which accounting assumption or principle is being violated if a company is a party to major litigation that it may lose and decides not to include the information in the financial statements because it may have a negative impact on the company's stock price? 1. Going......

Words: 849 - Pages: 4

Acc/545 Class Work and Final Exam (Financial Reporting)

...ACC/545 Class Work and Final Exam (Financial Reporting) Click Link Below To Buy: http://hwcampus.com/shop/acc-545/acc545-class-work-and-final-exam-financial-reporting/ Or Visit www.hwcampus.com ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report ACC 545 Week 2, Learning Team, Los Lobos Ledger Preparation ACC 545 Week 3, Individual Assignment, Jamona Corporation Data ACC 545 Week 3, Indvidual Assignment, Jamona Corporation Scenario ACC 545 Week 4 Individual Assignment ACC 545 Week 4, Individual Assignment, Restructuring Debt Data ACC 545 Week 4, Individual Assignment, Restructuring Debt ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario Data ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario ACC 545 Week 6, Final Exam ACC 545 Week 6, Learning Team Assignment, Consolidated Financial Statements ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1 Individual Assignment CPA Report As the CPA for a large organization, you were asked by your manager to provide information to outside CPAs who are examining a subsidiary that has been set up as a corporation. As part of their review, the CPAs have asked you to provide them with the following explanations: The methodology used to determine deferred taxes The procedures for reporting accounting changes and error corrections The rationale behind...

Words: 1066 - Pages: 5

Acc/545 Class Work and Final Exam (Financial Reporting)

...ACC/545 Class Work and Final Exam (Financial Reporting) Click Link Below To Buy: http://hwcampus.com/shop/acc-545/acc545-class-work-and-final-exam-financial-reporting/ Or Visit www.hwcampus.com ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report ACC 545 Week 2, Learning Team, Los Lobos Ledger Preparation ACC 545 Week 3, Individual Assignment, Jamona Corporation Data ACC 545 Week 3, Indvidual Assignment, Jamona Corporation Scenario ACC 545 Week 4 Individual Assignment ACC 545 Week 4, Individual Assignment, Restructuring Debt Data ACC 545 Week 4, Individual Assignment, Restructuring Debt ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario Data ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario ACC 545 Week 6, Final Exam ACC 545 Week 6, Learning Team Assignment, Consolidated Financial Statements ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1 Individual Assignment CPA Report As the CPA for a large organization, you were asked by your manager to provide information to outside CPAs who are examining a subsidiary that has been set up as a corporation. As part of their review, the CPAs have asked you to provide them with the following explanations: The methodology used to determine deferred taxes The procedures for reporting accounting changes and error corrections The rationale behind...

Words: 1066 - Pages: 5

Acc/545 Class Work and Final Exam (Financial Reporting)

...ACC/545 Class Work and Final Exam (Financial Reporting) Click Link Below To Buy: http://hwcampus.com/shop/acc-545/acc545-class-work-and-final-exam-financial-reporting/ Or Visit www.hwcampus.com ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report ACC 545 Week 2, Learning Team, Los Lobos Ledger Preparation ACC 545 Week 3, Individual Assignment, Jamona Corporation Data ACC 545 Week 3, Indvidual Assignment, Jamona Corporation Scenario ACC 545 Week 4 Individual Assignment ACC 545 Week 4, Individual Assignment, Restructuring Debt Data ACC 545 Week 4, Individual Assignment, Restructuring Debt ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario Data ACC 545 Week 5, Individual Assignment, Lee Corporation Equity Scenario ACC 545 Week 6, Final Exam ACC 545 Week 6, Learning Team Assignment, Consolidated Financial Statements ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1, Individual Assignment, CPA Report 1 ACC 545 Week 1 Individual Assignment CPA Report As the CPA for a large organization, you were asked by your manager to provide information to outside CPAs who are examining a subsidiary that has been set up as a corporation. As part of their review, the CPAs have asked you to provide them with the following explanations: The methodology used to determine deferred taxes The procedures for reporting accounting changes and error corrections The rationale behind...

Words: 1066 - Pages: 5