Penn State Accounting 471 Final Study Guide

Accounting 471: Final Study Guide
Christopher M. Michalski

Quiz 1

ACCTG 471: Intermediate fiscal Accounting I (Fall 2010)

Instructions:

This is a close-book, close- qualitys quiz. You are allowed to consumption a calculator. There are 20 multiple selection questions, 1 point for each question with 20 points in total. Please mark your ID and section number on your scantron control board before you start the quiz.

1. In a recent annual report, Apple Computer reported the following in nonpareil of its disclosure notes: Warranty Expense: The Company provides currently for the estimated toll for product warranties at the time the related revenue is recognized. This note exemplifies Apples use of: 
A. Conservatism
B. The matching principle
C. Realization principle
D. Economic entity

2. Which of the following has the permit to develop accounting standards in the United States? 
A. FASB
B. IRS
C. SEC
D. AICPA

3. Land was acquired in 2011 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a qualified appraiser placed its value at $48,000, and a recent household offer for the estate was for a cash payment 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 ten days the time to get development to investors and creditors. The qualitative concept improved is: 
A. Comparability.
B. Consistency.
C. Timeliness.
D. Faithful representation.

5. Tri Fecta, a partnership, had revenues of $360,000 in its first year of operations. The partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000 of merchandise 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: Orderessay



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