Essay about Devry Acct 304 Final Exam-Latest 2015 October
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The final exam has three pages. Please be sure you complete all three pages and answer all open-ended questions completely. If space is provided for a response, you should clearly show your thought process and any necessary work you used to arrive at the answer if you wish to receive partial credit. Question 1.1.(TCO 1) The SEC issues accounting standards in the form of (Points : 6) accounting research bulletins. financial reporting …show more content…
Question 8.8.(TCO 4) Which of the following is never a current liability account? (Points : 6) Accrued payroll Dividends payable Prepaid rent Subscriptions collected in advance
Question 9.9.(TCO 5) The distinction between operating and nonoperating income relates to (Points : 6) continuity of income. principal activities of the reporting entity. consistency of income stream. reliability of measurements.
Question 10.10.(TCO 5) On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese Inc. for $80 million. The sale was completed on December 31, 2012. The following additional facts pertain to the transaction:
The Footwear Division qualifies as a component of the entity, according to GAAP, regarding discontinued operations.
The book value of Footwear's assets totaled $48 million on the date of the sale.
Footwear's operating income was a pre-tax loss of $10 million in 2012.
Foxtrot's income tax rate is 40%.
In the 2012 income statement for Foxtrot Co., it would report
(Points : 6) income (loss) on its total operations for the year without separation. income (loss) on its continuing operation only. income (loss) from its continuing and discontinued operations separately. income and gains separately from losses.
Question 11.11.(TCO 5) Operating cash outflows would include (Points : 6) purchase of investments. purchase of equipment. payment of cash