Package deal
Advanced Accounting Final Exam Latest Update 2023( FULL PACK SOLUTIONS!!) COMPLETE BUNDLE
Advanced Accounting Final Exam Latest Update 2023(FULL PACK SOLUTION )
[Show more]Advanced Accounting Final Exam Latest Update 2023(FULL PACK SOLUTION )
[Show more]D. (Government-wide financial statements) - ANSWERSwhich group of governmental financial statements reports all revenues and all costs of providing services each year? 
A. GAAP-based financial statements 
B. fund-based financial statements 
C. cost-based financial statements 
D. government-wide fina...
Preview 2 out of 10 pages
Add to cartD. (Government-wide financial statements) - ANSWERSwhich group of governmental financial statements reports all revenues and all costs of providing services each year? 
A. GAAP-based financial statements 
B. fund-based financial statements 
C. cost-based financial statements 
D. government-wide fina...
What is a basic premise of the acquisition method regarding accounting for a noncontrolling interest? - ANSWERSA subsidiary is an indivisible part of a business combination and should be included in its entirety regardless of the degree of ownership. 
 
The noncontrolling interest represents an outs...
Preview 1 out of 4 pages
Add to cartWhat is a basic premise of the acquisition method regarding accounting for a noncontrolling interest? - ANSWERSA subsidiary is an indivisible part of a business combination and should be included in its entirety regardless of the degree of ownership. 
 
The noncontrolling interest represents an outs...
Foreign Currency Exchange Rates - ANSWERSEstablished daily by foreign exchange brokers to match the demand for a currency with the supply of a currency. 
 
Factors that change Exchange Rates - ANSWERSLevel of inflation 
Balance of payments 
Changes in interest rate 
Changes in investment levels 
Sta...
Preview 2 out of 7 pages
Add to cartForeign Currency Exchange Rates - ANSWERSEstablished daily by foreign exchange brokers to match the demand for a currency with the supply of a currency. 
 
Factors that change Exchange Rates - ANSWERSLevel of inflation 
Balance of payments 
Changes in interest rate 
Changes in investment levels 
Sta...
If a business entity entered into certain related party transactions, it would be required to disclose all of the following information except - ANSWERSnature of any future transactions planned between the parties to and the terms involved. 
 
Events that occur after December 31, 2018 balance sheet ...
Preview 1 out of 2 pages
Add to cartIf a business entity entered into certain related party transactions, it would be required to disclose all of the following information except - ANSWERSnature of any future transactions planned between the parties to and the terms involved. 
 
Events that occur after December 31, 2018 balance sheet ...
Major funds - ANSWERSGeneral, Proprietary, Fidiciary 
 
Alice makes cash gift with no strings to political party - ANSWERSRevenue, unrestricted contribution 
 
Which of the following are fiduciary - ANSWERSPensions, Agency 
 
Which organization has jurisdiction for private university - ANSWERSFASB 
...
Preview 1 out of 2 pages
Add to cartMajor funds - ANSWERSGeneral, Proprietary, Fidiciary 
 
Alice makes cash gift with no strings to political party - ANSWERSRevenue, unrestricted contribution 
 
Which of the following are fiduciary - ANSWERSPensions, Agency 
 
Which organization has jurisdiction for private university - ANSWERSFASB 
...
The number of times the accounts receivable turned over or were collected during the accounting period is called net credit sales for the period. - ANSWERSFalse 
 
Reversing entries make possible the entering of the transactions of the succeeding accounting period in a routine manner. - ANSWERSTrue ...
Preview 3 out of 16 pages
Add to cartThe number of times the accounts receivable turned over or were collected during the accounting period is called net credit sales for the period. - ANSWERSFalse 
 
Reversing entries make possible the entering of the transactions of the succeeding accounting period in a routine manner. - ANSWERSTrue ...
Statements prepared for the parent company and its subsidiaries: - ANSWERSConsolidated Statements 
 
The excess of the value implied by the purchase price over the fair value of the subsidiary's identifiable net assets: - ANSWERSGoodwill 
 
A parent owns at least 50% of a subsidiary: - ANSWERSMajor...
Preview 2 out of 7 pages
Add to cartStatements prepared for the parent company and its subsidiaries: - ANSWERSConsolidated Statements 
 
The excess of the value implied by the purchase price over the fair value of the subsidiary's identifiable net assets: - ANSWERSGoodwill 
 
A parent owns at least 50% of a subsidiary: - ANSWERSMajor...
There are no _______ is a partnership. - ANSWERSowners. 
- owners = shareholders. 
 
Partnerships are owned by individuals and don't have: - ANSWERSstock to issue. 
 
Partnerships focus on: - ANSWERSequity or CAPITAL. 
- there is technically not any equity in a partnership. 
- capital = ownershi...
Preview 1 out of 4 pages
Add to cartThere are no _______ is a partnership. - ANSWERSowners. 
- owners = shareholders. 
 
Partnerships are owned by individuals and don't have: - ANSWERSstock to issue. 
 
Partnerships focus on: - ANSWERSequity or CAPITAL. 
- there is technically not any equity in a partnership. 
- capital = ownershi...
What is an operating segment? - ANSWERSIt is a component of a public entity that meets 3 specific characteristics. 
 
What are the 3 characteristics of an operating segment? - ANSWERS1. It engages in business activities that produce revenues and incur expenses 
 
2. Its operating results are regular...
Preview 2 out of 8 pages
Add to cartWhat is an operating segment? - ANSWERSIt is a component of a public entity that meets 3 specific characteristics. 
 
What are the 3 characteristics of an operating segment? - ANSWERS1. It engages in business activities that produce revenues and incur expenses 
 
2. Its operating results are regular...
The terms on an invoice are 4/15, n/30. This means that 
a discount of 4% will be allowed if payment is made within 15 days from the date of the invoice. 
a discount of 15% will be allowed if payment is made with 4 days from the date of the invoice. 
a discount of 4% will be allowed if payment is ma...
Preview 3 out of 19 pages
Add to cartThe terms on an invoice are 4/15, n/30. This means that 
a discount of 4% will be allowed if payment is made within 15 days from the date of the invoice. 
a discount of 15% will be allowed if payment is made with 4 days from the date of the invoice. 
a discount of 4% will be allowed if payment is ma...
When an investor is deemed to have "control" over an investee, GAAP requires presentation of consolidated financial statements. Which of the following would not be considered an indicator of control? - ANSWERSThe investor owns 40% of the investee's stock and the rest is owned by the investee's f...
Preview 2 out of 6 pages
Add to cartWhen an investor is deemed to have "control" over an investee, GAAP requires presentation of consolidated financial statements. Which of the following would not be considered an indicator of control? - ANSWERSThe investor owns 40% of the investee's stock and the rest is owned by the investee's f...
For a hedge transaction, if the spot rate is greater than the forward rate, the foreign currency is selling at a premium in the forward market - ANSWERSFalse 
 
If the direct foreign exchange rate of the dollar versus the British Pound is E1.5, the indirect exchange rate is E.6667. - ANSWERSTrue 
 
...
Preview 1 out of 4 pages
Add to cartFor a hedge transaction, if the spot rate is greater than the forward rate, the foreign currency is selling at a premium in the forward market - ANSWERSFalse 
 
If the direct foreign exchange rate of the dollar versus the British Pound is E1.5, the indirect exchange rate is E.6667. - ANSWERSTrue 
 
...
1x sold
Proprietary funds are 
 
A. Funds used to account for the activities of a government that are carried out primarily to provide services to citizens 
 
B. Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations 
 
C...
Preview 3 out of 22 pages
Add to cartProprietary funds are 
 
A. Funds used to account for the activities of a government that are carried out primarily to provide services to citizens 
 
B. Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations 
 
C...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller shantelleG. Stuvia facilitates payment to the seller.
No, you only buy these notes for $29.99. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
79978 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now