ACCT 370 Final Review

These are events that occur after the close of the fiscal year, but before the financial statements are issued.

After goodwill is recognized on the financial statements, this must happen in future periods:

A company that is owned (in majority) by another company is called:

The key accounting issue for revenue recognition of bundled products is:

When a company owns more than 50% of another, this accounting method is required by GAAP:

If a company purchases treasury stock, its earnings per share will increase.

In this type of retirement plan, the employee bears little risk related to estimating the amount of annual contributions

Which of the following is the accounting equation?

This financial statement provides a snapshot of the accounting equation at a point in time:

Software development costs must be expensed until the project reaches this:

Which of the following is NOT an example of cash flows from/used in financing activities?

The time that the performance obligation is satisfied for revenue recognition is usually:

Where would a "loss on sale of equipment" show up on the Statement of Cash Flows?

Balance sheets under US GAAP are required to report assets:

This term refers to the risk of nonpayment by a borrower.

In a common-size balance sheet, all items are expressed as a percentage of:

The rationale behind the multiple-step income statement is to subdivide the income in a manner that facilitates:

Probable future economic benefits controlled by an entity as a result of past transactions are:

This is the denominator of A/R turnover:

The cost of providing financial information is covered by:

The method of preparing the statement of cash flows used by the majority of firms is the:

The allowance for uncollectibles account is classified as:

The currency used in the market in which a foreign subsidiary effectively operates is called:

Probable future economic benefits obtained or controlled by an entity as a result of past transactions or events defines

An expenditure that significant change the use of, or extends the useful life of a piece of equipment should be:

When financial statements are complete, neutral and free from error, they are:

The difference between the total fair value of an acquired business and the fair value of its identifiable net assets is

Income tax expense on the income statement is equal to the amount of taxes to be paid or refunded for that year.

Temporary and permanent differences relate to:

Which of the following is an other comprehensive income item?

Working capital includes:

Principal payments on long-term debt would be shown in this section of the Statement of Cash Flows:

The dominant method under GAAP for measuring long-lived assets is the:

When the market rate of interest is below the stated rate of interest, a bond sells at:

This is the numerator of the price to earnings ratio:

Treasury stock is reported within the balance sheet as:

Temporary differences that will cause taxable income in future periods to be lower than pre-tax book income give rise to

This is the denominator of the Times Interest Earned or Interest Coverage ratio:

The denominator for basic EPS is:

An inventory system that keeps a running record of the amount of inventory on hand: