ending September 30, 2004. This prepayment was made to obtain a discount.
24. Young & Jamison ' s modified cash-basis financial statements indicate cash paid for operating expenses of $ 150,000, end-of-year prepaid expenses of $ 15,000, and accrued liabilities of $ 25,000. At the beginning of the year, Young & Jamison had prepaid expenses of $ 10,000, while accrued liabilities were $ 5,000. If cash paid for operating expenses is converted to accrual-basis operating expenses, what would be the amount of operating expenses?
25. The adjusted balance for officers ' compensation expense for the year ended December 31, 2004 should be:
26. According to ASC Topic 820, which level has the lowest priority for valuation purposes?
27. The FASB’ s conceptual framework classifies gains and losses based on whether they are related to an entity’ s major ongoing or central operations. These gains or losses may be classified as
28. Which of the following assumptions means that money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis?
29. A company received royalties from the assignment of patents to other enterprises. In the period in which the royalties are earned, the royalties should be?
30. According to the FASB Conceptual Framework, which of the following situations violates the concept of faithful representation?
31. The company ' s cash-basis consulting revenue is what amount?
32. What was the total amount of insurance premiums paid by East during 2005?