(Solution) -ACC 541 Midterm Exam Updated
Academic Level: Undergrad. (yrs 3-4)
Paper Format: APA
ACC 541 Midterm Exam NEW
Question 21 Generally accepted accounting principles
Question 47 Which of the following does not relate to relevance?
Question 34 The difference between the accounting process and the accounting cycle is
Question 28 Which of the following tables would show the smallest value for an interest rate of 5% for six periods?
Question 43 In 2017, Orear Manufacturing signed a contract with a supplier to purchase raw materials in 2018 for $700,000. Before the December 31, 2017 balance sheet date, the market price for these materials dropped to $510,000. The journal entry to record this situation at December 31, 2017 will result in a credit that should be reported
Question 30 Historical cost is the basis advocated for recording the acquisition of property, plant, and equipment for all of the following reasons except
Question 39 Broadway Corporation was granted a patent on a product on January 1, 2007. To protect its patent, the corporation purchased on January 1, 2018 a patent on a competing product which was originally issued on January 10, 2014. Because of its unique plant, Broadway Corporation does not feel the competing patent can be used in producing the product. The cost of the competing patent should be
Question 32 An account which would be classified as a current liability is
Question 68 A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2017. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,108. Using effective-interest amortization, what will the carrying value of the bonds be on the December 31, 2017 balance sheet?
Question 41 A company that uses the last-in, first-out (LIFO) method of inventory pricing finds at an interim reporting date that there has been a partial liquidation of the base period inventory layer. The decline is considered temporary and the partial liquidation is expected to be recovered prior to year-end. The amount shown as inventory at the interim reporting date should