Acct 102 - Study guides, Class notes & Summaries

Accounting 26e Carl Warren James M Reeve Jonathan Duchac 1. Cross-referencing is useful in assuring that the debits and credits are in balance. a. True b. False ANSWER: False DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.04-01 - 04-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 - Accounting Cycle ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic 2. When accounts do not appear on the unadjusted trial balance but are needed to post adjustments, they are ...

ACCT 2101 Final Exam Study Guide Solutions Chapters 1 - 12 ACCT 2101 Final Exam Study Guide Chapters 1 – 12 Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2. The right to receive money in the future is called a(n) a. account payable. b. account receiva...

The transmission model of communication describes communication as a linear, one-way process in which a sender intentionally transmits a message to a receiver (Ellis & McClintock, 1990). This model focuses on the sender and message within a communication encounter. Although the receiver is included in the model, this role is viewed as more of a target or end point rather than part of an ongoing process. We are left to presume that the receiver either successfully receives and understands the mes...

ACCT 102 Auditing Answer Solutions-Chapters 1-9 Full and Revised ANSWERS NEWEST 2023. CHAPTER 1 The Role of the Public Accountant in the American Economy Review Questions 1-1 The “crisis of credibility” largely arose from the number of companies that restated their previously issued financial statements as a result of accounting irregularities and fraud. Especially responsible were the very visible Enron and WorldCom fraud cases. Both companies filed for bankruptcy and constitute...

Exam (elaborations) Liberty University ACCT 370 Exam 2 Complete solution Liberty University ACCT 370 Exam 2 Complete solution 100% satisfied: solutions 1. The Common Stock account is reported on the balance sheet at the: 2. The time that the performance obligation is satisfied for revenue recognition is usually: 3. When reporting a change in an accounting principle, the general rule requires that the current year’s income from continuing operations reflect: 4. Using the same account...

Liberty University ACCT 370 Exam 2 Complete solution Liberty University ACCT 370 Exam 2 Complete solution 100% satisfied: solutions 1. The Common Stock account is reported on the balance sheet at the: 2. The time that the performance obligation is satisfied for revenue recognition is usually: 3. When reporting a change in an accounting principle, the general rule requires that the current year’s income from continuing operations reflect: 4. Using the same accounting methods to recor...

Exam (elaborations) Liberty University ACCT 370 Exam 4 Complete solution Liberty University ACCT 370 Exam 4 Complete solution 100% satisfied: solutions 1. Condensed financial data are presented below for the Phoenix Corporation: 2. 3. 2019 4. 5. 2018 6. Accounts receivabl e 8. 267,500 9. 10.11.$ 12.230,00 0 13. 14.Inventory 15. 16.312,500 17. 18.19. 20.257,50 0 21. 22.Total current assets 23. 24.670,000 25. 26.27. 28.565,00 0 29. 30.Intangibl e assets 31. 32.50,000 3...

Exam (elaborations) Liberty University ACCT 370 Exam 3 Complete solution Liberty University ACCT 370 Exam 3 Complete solution 100% satisfied: solutions 1. Under IFRS, deferred taxes: 2. Which of the following items used for resolving intra-firm comparisons is not generally disclosed? 3. Which of the following does not properly describe the presentation by the lessor under ASC 842? 4. Which of the following statements is correct with respect to the use of fair value accounting for lia...

Liberty University ACCT 370 Exam 4 Complete solution Liberty University ACCT 370 Exam 4 Complete solution 100% satisfied: solutions 1. Condensed financial data are presented below for the Phoenix Corporation: 2. 3. 2019 4. 5. 2018 6. Accounts receivabl e 8. 267,500 9. 10.11.$ 12.230,00 0 13. 14.Inventory 15. 16.312,500 17. 18.19. 20.257,50 0 21. 22.Total current assets 23. 24.670,000 25. 26.27. 28.565,00 0 29. 30.Intangibl e assets 31. 32.50,000 33. 34.35. 36.60,0003...

Exam (elaborations) Liberty University ACCT 370 Exam 1 Complete solution Liberty University ACCT 370 Exam 1 Complete solution 100% satisfied: solutions 1. 1. 2. A 3-for-1 stock split will reduce the per share par value and will 3. 4. 5. 2. 6. accounting errors or irregularities can occur for what reason? 7. 8. 9. 3. 10. Accrual accounting net income can differ from operating cash flows for all of the following reasons except: A) future pension and healthcare benefits. B) estimates of...