Penn State Accounting 471 Final Study Guide

Accounting 471: Final resume Guide Christopher M. Michalski Quiz 1 ACCTG 471: Intermediate pecuniary Accounting I (Fall 2010) book of instructions: This is a close-book, close- qualitys quiz. You ar allowed to outlay a calculator. There are 20 multiple survival of the fittest questions, 1 point for each(prenominal) question with 20 points in total. Please mark your ID and region number on your scantron govern board before you run the quiz. 1. In a juvenile annual report, Apple computer inform the undermentioned in nonpareil of its disclosure notes: warranty Expense: The Company provides shortly for the estimated toll for product warranties at the time the related tax income is recognized. This note exemplifies Apples use of:  A. Conservatism B. The duplicate principle C. Realization principle D. Economic entity 2. Which of the following has the permit to develop invoice standards in the United States?  A. FASB B. IRS C. SEC D. AICPA 3.  agriculture was acquired in 2011 for a prox building site at a cost of $40,000. The assessed military rank for tax purposes is $27,000, a certified appraiser placed its take to be at $48,000, and a new-fashioned household offer for the terra firma was for a cash requital of $46,000. The land should be reported in the financial statements at:  A. $40,000. B. $27,000. C. $46,000. D. $48,000.

4. Maltec conjunction has started placing its quarterly financial statements on its web page, thereby trim by decennium days the time to tolerate development to investors and creditors. The qualitative imagination improved is:  A. Comparability. B. Consistency. C. Timeliness. D. Faithful representation. 5. Tri Fecta, a union, had revenues of $360,000 in its first twelvemonth of operations. The partnership has not amass on $35,000 of its sales, and still owes $40,000 on $150,000 of merc make itise they purchased. There was no account on hand at the end of the year. The partnership compensable $25,000 in salaries. The partners invested $40,000 in the business and $25,000 was borrowed on a five-year note....If you wish to get a full essay, order it on our website: Ordercustompaper.com

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