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ACC 421 Week 3 CPA Practice 1 Question 1:
Financial statements shall include disclosures of material transactions between related parties except
Question 2:
An enterprise must separately report information about an operating segment when the segment’ s revenue
meets what minimum percentage of the combined revenue of the reported operating segments?
Question 3:
Harper Co. incurred an apparently permanent inventory loss from market decline of $ 840,000 during June
year 1. What amount of the inventory loss should be recognized in Harper’ s quarterly income statement for
the 3 months ended June 30, year 1? Question 4:
In January year 1 Horner Company paid $ 80,000 in property taxes on its plant for calendar year 1. Also in
January year 1 Horner estimated that its year-end bonus to executives for year 1 would be $ 320,000. What is