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 ?