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ACCT 370 Final Exam Liberty University Dr. Stowe Questions & 100% correct Answers- Latest Test | Graded A+ | Passed $9.99   Add to cart

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ACCT 370 Final Exam Liberty University Dr. Stowe Questions & 100% correct Answers- Latest Test | Graded A+ | Passed

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  • ACCT 370

the method of preparing the statement of cash flows used by the majority of firms is the: Ξ -:- indirect method the difference between the total fair value of an acquired business and the fair value of its identifiable net assets is Ξ -:- goodwill treasury stock is reported within the balan...

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  • August 26, 2024
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  • ACCT 370
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E x c e l l e n c e i s k e y | 2 0 2 0 2 5 ~ P a g e |1




ACCT 370 Final Exam Liberty University Dr.
Stowe Questions & 100% correct Answers- Latest
Test | Graded A+ | Passed
the method of preparing the statement of cash flows used by the majority of firms is the:

Ξ -:- indirect method



the difference between the total fair value of an acquired business and the fair value of its
identifiable net assets is

Ξ -:- goodwill



treasury stock is reported within the balance sheet as

Ξ -:- a contra equity account



balance sheets under US GAAP are required to report assets:

Ξ -:- in order of liquidity



the dominant method under GAAP for measuring long lived assets is the:

Ξ -:- historical cost approach



When the market rate of interest is below the stated rate of interest, a bond sells at:

Ξ -:- premium



Temporary differences that will cause taxable income in future periods to be lower than pre-tax
book income give rise to

Ξ -:- deferred tax assets



the rationale behind the multiple-step income statement is to subdivide the income in a manner
that facilitates:




26/08/2024 | © Copyright- This work may not be copied for profit.

, E x c e l l e n c e i s k e y | 2 0 2 0 2 5 ~ P a g e |2


Ξ -:- forecasting



What is one reason lease accounting rules were revised?

Ξ -:- Operating leases were a popular means of off-balance sheet financing.



If a company purchases treasury stock, its earnings per share will increase. ( T/F)

Ξ -:- True



In this type of retirement plan, the employee bears little risk related to estimating the amount of
annual contributions.

Ξ -:- Defined benefit



The time the performance obligation is satisfied for revenue recognitions is usually:

Ξ -:- At the time of sale.



Probable future economic benefits obtained or controlled by an entity as a result of past
transactions or events defines

Ξ -:- Assets



In a common-size balance sheet, all items are expressed as a percentage of:

Ξ -:- Total assets



The allowance for uncollectible account is classified as:

Ξ -:- contra asset



A pension plan is underfunded if the projected benefit obligation exceeds the fair value of the
pension plan assets.

Ξ -:- True



When a company owns more than 50% of another, this accounting method is required by GAAP.



26/08/2024 | © Copyright- This work may not be copied for profit.

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