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ACCT 370 Final Exam Questions with Answers
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ACCT 370 Final Exam Questions with Answers
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ACCT 370 Final Exam Questions with Answers1. the method of preparing the statement of cash flows used by the
majority of firms is the:: indirect method
2. the difference between the total fair value of an acquired business and
the fair value of its identifiable net assets is: goodwill
3. treasury stock is reported within the balance sheet as: a contra equity
ac- count
4. balance sheets under US GAAP are required to report assets:: in order
of liquidity
5. the dominant method under GAAP for measuring long lived assets is
the:-
: historical cost approach
6. When the market rate of interest is below the stated rate of interest, a
bond sells at:: premium
7. Temporary differences that will cause taxable income in future periods
to be lower than pre-tax book income give rise to: deferred tax assets
8. the rationale behind the multiple-step income statement is to subdivide
the income in a manner that facilitates:: forecasting
9. What is one reason lease accounting rules were revised?: Operating
1/4
, leases were a popular means of off-balance sheet financing.
10.If a company purchases treasury stock, its earnings per share will
increase. ( T/F): True
11.In this type of retirement plan, the employee bears little risk related
to estimating the amount of annual contributions.: Defined benefit
12.The time the performance obligation is satisfied for revenue
recognitions is usually:: At the time of sale.
13.Probable future economic benefits obtained or controlled by an entity
as a result of past transactions or events defines: Assets
14.In a common-size balance sheet, all items are expressed as a
percentage of:: Total assets
15.The allowance for uncollectible account is classified as:: contra asset
16.A pension plan is underfunded if the projected benefit obligation
exceeds the fair value of the pension plan assets.: True
17.When a company owns more than 50% of another, this accounting
method is required by GAAP.: Consolidation
18.A company that is owned in majority by another company is called::
Sub- sidiary.
19.Software development costs must be expensed until the project
2/4
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