Get Solved ACCT 550 Week 4 Midterm (Version 2)

Get Solved ACCT 550 Week 4 Midterm Version 2

Page 1

1. Question : (TCO A) Financial information demonstrates consistency when
2. Question : (TCO A) The cash method of accounting
3. Question : (TCO A) Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information?
4. Question : (TCO A) Information is neutral if it
5. Question : (TCO A) Which of the following is not a basic element of financial statements?
6. Question : (TCO A) Which basic element of financial statements arises from peripheral or incidental transactions?
7. Question : (TCO A) Faithful representation has as an enhancing quality for which of the following?
8. Question : (TCO D) Which of the following is a limitation of the balance sheet?
9. Question : (TCO D) The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as
10. Question : (TCO A) Accounting information is considered to be relevant when it
    

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1. Question : (TCO D) The basis for classifying assets as current or noncurrent is conversion to cash within
2. Question : (TCO A) Why are some of the major differences between GAAP and U.S. GAAP? Explain in detail.
3. Question : (TCO C) Blue Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance on December 31, 201X, included the following expense accounts.
4. Question : (TCO C) An income statement shows “income before income taxes and extraordinary items” for $3,000,000. The income taxes payable for the year are $1,500,000, including $260,000 which is applicable to an extraordinary gain. Thus, what is the “income before extraordinary items”?
5. Question : (TCO C) Dolly Company reported the following information for 201X.
6. Question : (TCO B) Retained earnings at 1/1/1X was $150,000 and at 12/31/1X it was $200,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $30,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.
7. Question : (TCO B) Retained earnings at 1/1/1X was $90,000 and at 12/31/1X it was $210,000. During 201X, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued……. You are to provide the missing closing entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.
8. Question : (TCO B) Allowance for doubtful accounts on 1/1/1X was $60,000. The balance in the allowance account on 12/31/1X after making the annual adjusting entry was $55,000, and during 201X, bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.
9. Question : (TCO B) Prepaid rent at 1/1/1X was $40,000. During 201X, rent payments of $115,000 were ………….. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment
10. Question : (TCO D) Which of the following is not an acceptable major asset classification?
11. Question : (TCO D) Which item below is not a current liability?
12. Question : (TCO A) Financial information exhibits the characteristic of consistency when
13. Question : (TCO D) The current assets section of the balance sheet should include
14. Question : (TCO D) Ahnen Company owns the following investments.

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