ACCT 550 Week 4 Midterm Exam Set 2
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1. (TCO A) Financial information demonstrates consistency when
2. (TCO A) The cash method of accounting
3. (TCO A) Which of the following is an ingredient of relevance?
4. (TCO A) Information is neutral if it
5. (TCO A) Which of the following is not a basic element of financial statements?
6. (TCO A) Issuance of common stock for cash affects which basic element of financial statements?
7. (TCO A) Faithful representation has as an enhancing quality for which of the following?
8. (TCO D) Which of the following is a limitation of the balance sheet?
9. (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. (TCO A) Accounting information is considered to be relevant when it
1. (TCO D) The correct order to present current assets is
2. (TCO A) What is FASB Codification? Explain in detail.
3. (TCO C) Blue Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 201X, included the following expense accounts.
Accounting and legal fees $150,000
Loss on sale of long-term investments $35,000
Officers' salaries $200,000
Rent for office space $160,000
Sales salaries and commissions $110,000
One half of the rented premises are occupied by the sales department.
How much of the expenses listed above should be included in Perry's selling expenses for 201X?
4. (TCO C) For the year ended December 31, 201X, King Inc. reported the following.
Net income $60,000
Preferred dividends declared $10,000
Common dividend declared $2,000
Unrealized holding loss, net of tax $1,000
Retained earnings, beginning balance $80,000
Common stock sold during the year Retained earnings, beginning balance $80,000