33. Under Statement of Financial Accounting Concepts 8, which of the following does not interact with both relevance and faithful representation to contribute to the usefulness of information?
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?