The Codification is the sole source of U.S. GAAP, other than SEC
GAAP, for nongovernmental entities.
4.
What amount should Pak report for professional fees expense
for the year ended December 31, 2001?
5.
Historical cost is a measurement base currently used in
financial accounting. Which of the following measurement bases
is(are) also currently used in financial accounting?
6.
A the correct sequence of accounting procedures?
7.
In its December 31, 2004, Balance Sheet, what amount should
Thrift report as prepaid expenses?
8.
U Co. had cash purchases and payments on account during the
current year totaling $455,000. U's beginning and ending accounts
payable balances for the year were $64,000 and $50,000, respectively.
What amount represents U's accrual-basis purchases for the year?
9.
What is the primary protection for investors against fraudulent
financial reporting by corporations?
10.
In analyzing a company's financial statements, which financial
statement would a potential investor use primarily to assess the
company's liquidity and financial flexibility?
11.
Spee uses the direct write-off method for bad debts. No bad
debts were recorded in 2004. Under the cash basis of accounting,
what amount of revenue should Spee report for 2004?
12.
According to the FASB conceptual framework, certain assets
are reported in financial statements at the amount of cash or its
equivalent that would have to be paid if the same or equivalent assets
were acquired currently. What is the name of the reporting concept?
13.
The purpose of financial accounting is to provide information
primarily for which of the following groups?
14.
On January 1, 2001, Sip Co. signed a five-year contract
enabling it to use a patented manufacturing process beginning in
2001.
A royalty is payable for each product produced, subject to a minimum
annual fee. Any royalties in excess of the minimum will be paid
annually. On the contract date, Sip prepaid a sum equal to two years'
minimum annual fees. In 2001, only the minimum fees were incurred.