ACTG-6257 - Intermediate Accounting oed answer key
Showing 61 to 80 of 117 total answers.
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Awesome StudentQuestion • Intermediate Accounting 3
The primary responsibility for the preparation of the financial statements is reposed in
Answer
Management of the entity
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Awesome StudentQuestion • Intermediate Accounting 3
Partner Company reported operating expenses as distribution and general or administrative.
Answer
P 4,550,000
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Awesome StudentQuestion • Intermediate Accounting 3
Lily Corporation’s transactions for the year ended December 31, 2019 included the following:
Answer
P 175,000
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Awesome StudentQuestion • Intermediate Accounting 3
Which of the following is classified as an operating activity in the statement of cash flows?
Answer
Cash receipts and payments from contracts held for dealing or trading purposes
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Awesome StudentQuestion • Intermediate Accounting 3
For interim financial reporting, an expropriation gain occurring in the second quarter shall be
Answer
recognized in the second quarter
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Awesome StudentQuestion • Intermediate Accounting 3
It is the residual interest in the assets of the entity after deducting all of its liabilities.
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Awesome StudentQuestion • Intermediate Accounting 3
An interim financial report shall include, as a minimum, all of the following components, except
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Awesome StudentQuestion • Intermediate Accounting 3
The following information is available for Champaca Company for the year ended December 31, 2020.
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Awesome StudentQuestion • Intermediate Accounting 3
Which of the following would appear only in the statement of cash flows using the indirect method?
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Awesome StudentQuestion • Intermediate Accounting 3
The residual interest in the assets of the entity after deducting all of the liabilities is known as
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Awesome StudentQuestion • Intermediate Accounting 3
These are the cumulative net earnings or profit of a firm which may be unappropriated and appropriated.
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Awesome StudentQuestion • Intermediate Accounting 3
Universal Company reported the following unadjusted current assets and shareholders’ equity at year-end:
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Awesome StudentQuestion • Intermediate Accounting 3
Which of the following terms cannot be used to describe a line item in the statement of comprehensive income
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Awesome StudentQuestion • Intermediate Accounting 3
On December 31, 2020, Key Company had the following balances in the accounts maintained at First National Bank:
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Awesome StudentQuestion • Intermediate Accounting 3
This is the formal statement that shows the movement in the elements or components of the shareholders’ equity.
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Awesome StudentQuestion • Intermediate Accounting 3
Which of the following information is not specifically a required disclosure in relation to financial statements?
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Awesome StudentQuestion • Intermediate Accounting 3
For interim reporting, an inventory loss from a market decline in the second quarter shall be recognized as a loss
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Awesome StudentQuestion • Intermediate Accounting 3
In a statement of cash flows, proceeds from the sale of a company’s own bonds or mortgages should be classified as
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Awesome StudentQuestion • Intermediate Accounting 3