(A) The issuing company (B) The market (purchasers of the bonds) (C) The bonds underwriters (D) The SEC Answer (B): The market (purchasers of... View Article
(A) The result from a past transaction or promise (B) lawsuits and loan guarantees are an example (C) They occur in the present (D) They... View Article
(A) 40 (B) 20 (C) 17 (D) no such requirements exist Answer (A): 40 Explanation: There is a rebuttable assumption that the helpful existence... View Article
(A) All the companies in an industry should use the same accounting procedure (B) A company can change an accounting principle as often as it... View Article
(A) Periodic (B) Perpetual (C) GAAP (D) All of these Answer (B): Perpetual Explanation: A perpetual inventory framework is a program that... View Article
(A) LIFO (B) FIFO (C) Specific unit cost or specific identification (D) weighted average cost Answer (C): Specific unit cost or specific... View Article
(A) The accountant debits bad debt expense (B) The accountant credits bad debt expense (C) The accountant debits allowance for bad debt (D)... View Article
(A) A mathematical procedure frequently used in accounting (B) Done by people called fractioners (C) Simplified method developed for counting... View Article
(A) The company might physically count inventory only once a year, yet they might need to produce financial statements on a monthly basis (B)... View Article
(A) Interest payable (B) A patent (C) A trademark (D) All of these are intangible assets Answer (A): Interest payable Explanation: Interest... View Article
(A) A company that uses FIFO on their financial statements must use FIFO for tax purposes (B) A company that uses LIFO for tax purposes must use... View Article
(A) Trademarks (B) Patents (C) Copyrights (D) Land Answer (D): Land Explanation: An intangible asset or resource is an asset that isn't... View Article
