Question : (TCO 3) What is the purpose of the closing process? (TCO 1) The SEC issues accounting standards in the form of accounting research bulletins. financial reporting releases. financial accounting standards. financial technical bulletins.
D. The seller's price to the buyer is fixed or determinable. Original AACSB: Analytic AICPA BB: Legal AICPA FN: Research Bloom's: Knowledge Difficulty: Medium 7-27 Chapter 07 - The Revenue and Collection Cycle 3. "Bill and Hold" refers to an arrangement where A. Sales are recorded but are not shipped. B.
ACC 422 Week 5 Final Exam http://www.homeworkarena.com/acc-422-final-exam-perfect-solution 1) Which of the following is NOT considered cash for financial reporting purposes? A. Postdated checks and I.O.U.’s B. Money orders, certified checks, and personal checks C. Petty cash funds and change funds D. Coin, currency, and available funds 2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet? A. As assets but separately from other receivables.
FP/101 Midterm Exam | | First Name | kuku Last Name |maias| Confirmation # | 19018321 | Score | 60 | Total Questions: | 30 | Total Correct | 18 | Start: | 10/22/2011 6:04:50 PM | End: | 10/22/2011 6:46:32 PM | Here is some additional information on items you missed: Topic: Question: Which of the following is not one of the steps in the personal financial planning process? Answer: Determining appropriate risk level of participant Key Terms: Personal financial planning process | Topic: Question: Which step in the financial planning process involves developing goals? Answer: Step 2 Key Terms: Financial planning | Topic: Question: Which of the following is not one of the steps in the personal financial planning process? Answer:
The Truth-In Lending Act The Truth-In Lending Act The Federal Truth in Lending Act of 1968 (TILA) was designed to provide the consumer with information regarding the actual cost of credit. Before TILA, the stated interest rate of a loan was calculated in different ways to the benefit of the lender and against the borrower. The TILA made it obligatory for all lenders to state the annual percentage rate (APR) and to make it consistently calculated so that the consumer would be able to compare the interest rates and calculate the cost of borrowing themselves. The actual outcome of the law has been different. “The law's critics contend that a mismatch between the required disclosures and the information that the consumer needs to compare
Moreover, Small Fries Inc. should not report the repairs and maintenance in their balance sheet as aggregate cost but instead designated the expense to each facility as each expense is incurred. According to 210-10-S99 SEC materials, Accumulated depreciation, depletion, and amortization of property, plant and equipment. The amount is to be set forth separately in the balance sheet or in a note thereto. It should be recorded in the year when it is happening and make notes to the financial statement to that
ACC5020 Week Six Assignment: Chapter 4 4-2 4-3 a) Vendors & Purchases > under recently used vendor reports click Cash Disbursements Journal, b) $2,500 4-5 a) January 1, 2010 b) January 26, 2010 c) No d) Purchases/Receive Inventory e) January Office Lease 4-7 a) “You can customize the Business Status layout at any time by clicking the Customize This Page button on the toolbar, b) Blank page with message “You have selected not to display Business Status information on this page. If you would like to add information, you can customize this pages to create a centralized place to monitor your business.”, c) 12 accounts listed, d) Accounts carry a credit balance, e) Balance is $8,394, Under Revenue: Year to date > Click view Income
You have the right to dispute the accuracy of information that Wells Fargo Bank, N.A. has furnished to a consumer reporting agency by writing to us at Wells Fargo Servicing, P.O. Box 14415, Des Moines, IA 50306-3415. Please describe the specific information that is inaccurate or in dispute and the basis for the dispute along with supporting documentation. If you believe the information furnished is the result of identity theft, please provide us with an identity theft report.
Discuss the various types of confirmations and what forms you will implement and why. Solution: There are two types of confirmations to assess accounts receivables: positive confirmations and negative confirmations. Positive confirmations are addressed to the debtors requesting the receipt to confirm directly whether the balance as stated on the confirmation request is correct or incorrect. A blank confirmation form does not state the amount on the confirmation but instead requests the debtor to fill in the information. An invoice confirmation requires an individual invoice be confirmed rather than the debtor’s entire account receivable balance.
MULTIPLE CHOICE 1. In the accounting cycle, the last step is a. preparing the financial statements b. journalizing and posting the adjusting entries c. preparing a post-closing trial balance d. journalizing and posting the closing entries ANS: C DIF: Moderate OBJ: 04-01 NAT: AACSB Analytic | AICPA FN-Measurement 2. Which one of the following is not a difference between a retail business and a service business? a. in what is sold b. the inclusion of gross profit in the income statement c. accounting equation d. merchandise inventory included in the balance sheet ANS: C DIF: Moderate OBJ: 05-01 NAT: AACSB Analytic | AICPA BB-Industry 3. Net income plus operating expenses is equal to a. cost of merchandise sold b. cost