Finance And Accounting

Question: What is the accounting objective which best relates to the percentage of sales method for uncollectible accounts?
A
Accurate Presentation

B
Tax Minimization

C
Profit Maximization

D
Conservatism

Note: Not available
1. Report
Question: What is the acronym for the organization that promotes international harmonization of accounting standards?
A
IASB

B
FASB

C
SEC

D
IRS

Note: Not available
1. Report
Question: What is the accounting objective which best relates to the FIFO method?
A
Tax Minimization

B
Income Smoothing

C
Profit Maximization

D
Accurate Reporting

Note: Not available
1. Report
Question: What change was made by the Act regarding the authority competent to sign the company tax returns?
A
Only the CEO now has the authority to sign the company tax returns

B
Any employee can now sign a tax return

C
Only the firm's CPA can sign the tax returns

D
Only the person who has prepared the return can sign it

Note: Not available
1. Report
Question: What new board was created as part of the Sarbanes Oxley Act?
A
SEC – Securities and Exchange Commission

B
IRS – Internal Revenue Service

C
PCAOB – Public Company Accounting Oversight Board

D
GAAP – Generally Accepted Accounting Principles

Note: Not available
1. Report
Question: In which years were the Securities & Exchange Acts created?
A
1980 and 1981

B
1933 and1934

C
1920 and 1930

D
1802 and 1920

Note: Not available
1. Report
Question: What is form 10-Q?
A
Monthly filing with the SEC reporting director salaries

B
As needed filing to disclose any significant issues or changes

C
Quarterly financial reports filed with the SEC

D
Annual financial reports filed with the SEC

Note: Not available
1. Report
Question: How is a donated asset accounted by a non-profit organization based on its fair market value?
A
Dr: Asstes, Cr: Revenue

B
Dr: Revenue, Cr: Liability

C
Dr: Expenses, Cr: Assets

D
Dr: Revenue, Cr: Expenses

Note: Not available
1. Report
Question: XYZ Company reports Accounts Receivable of $60,000 and an Allowance for Uncollectible Accounts of $6,000 on its December 31 Year 1 Balance Sheet. During Year 2, credit sales total $1,800,000, collections on account total $1,680,000, and write-offs total $9,600. After aging its Accounts Receivable, XYZ Company estimates that 10 percent of its Accounts Receivable at December 31 of Year 2 will be uncollectible. The company also estimates that its bad debts will be 2 percent of credit sales. What balance would XYZ Company report in Allowance for Uncollectible Accounts on its December 31 Year 2 Balance Sheet?
A
$26,400

B
$32,400

C
$36,000

D
$42,000

Note: Not available
1. Report
Question: A fast food restaurant chain sells a division that operates movie theaters. What type of activity is this?
A
Primary operating activity, which is recurring

B
Primary operating activity, which is nonrecurring

C
A recurring activity, which is peripheral to primary operations

D
A nonrecurring activity, which is peripheral to primary operations

Note: Not available
1. Report

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Question: What is the accounting objective which best relates to the percentage of sales method for uncollectible accounts?

Question: What is the acronym for the organization that promotes international harmonization of accounting standards?

Question: What is the accounting objective which best relates to the FIFO method?

Question: What change was made by the Act regarding the authority competent to sign the company tax returns?

Question: What new board was created as part of the Sarbanes Oxley Act?

Question: In which years were the Securities & Exchange Acts created?

Question: What is form 10-Q?

Question: How is a donated asset accounted by a non-profit organization based on its fair market value?

Question: A fast food restaurant chain sells a division that operates movie theaters. What type of activity is this?