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34.
According to the FASB Conceptual Framework, predictive
value is an ingredient of
35.
In its Income Statement for the year ended March 31, 2002,
what amount should Zach report as commission expense?
36.
According to ASC Topic 820, the fair value of an asset should
be based upon
37.
Deb Co. records all sales using the installment method of
accounting. Installment sales contracts call for 36 equal monthly cash
payments. According to the FASB’s conceptual framework, the
amount of deferred gross profit relating to collections 12 months
beyond the balance sheet date should be reported in the
38.
Recognizing depletion expense is an example of the accounting
process of
39.
On November 1, 2005, Key Co. paid $3,600 to renew its
insurance policy for three years. At December 31, 2005, Key's
unadjusted trial balance showed a balance of $90 for prepaid
insurance and $4,410 for insurance expense. What amounts should be
reported for prepaid insurance and insurance expense in Key's
December 31, 2005, financial statements?
40.

Which of the following accounts is not closed?

41.
On January 1, 2005, customers owed Eagle $40,000. On
December 31, 2005, customers owed Eagle $30,000. Eagle uses the
direct write-off method for bad debts. No bad debts were recorded in
2005. Under the cash basis of accounting, what amount of net revenue
should Eagle report for 2005?
42.
Under Statement of Financial Accounting Concepts 6, the term
―recognized‖ is synonymous with the term