1) Which of the following is NOT considered cash for financial reporting purposes?
2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet?
3) Which of the following is considered cash?
4) If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as
5) Assuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does NOT make the balance sheet misleading because
6) Which of the following methods of determining annual bad debt expense best achieves the matching concept?
7) The accountant for the Orion Sales Company is preparing the income statement for 2007 and the balance sheet at December 31, 2007. Orion uses the periodic inventory system. The January 1, 2007 merchandise inventory balance will appear
8) Eller Co. received merchandise on consignment. As of January 31, Eller included the goods in inventory, but did NOT record the transaction. The effect of this on its financial statements for January 31 would be
9. If the beginning inventory for 2006 is overstated, the effects of this error on cost of goods sold for 2006, net income for 2006, and assets at December 31, 2007, respectively, are
10) Assuming no beginning inventory, what can be said about the trend of inventory prices if cost of goods sold computed when inventory is valued using the FIFO method exceeds cost of goods sold when inventory is valued using the LIFO method?
11) Which method of inventory pricing best approximates specific identification of the actual flow of costs and units in most manufacturing situations?
12) All of the following costs should be charged against revenue in the period in which costs are incurred