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 the amount of the expenses related to these two items that should be reflected in Horner ’ s quarterly income statement for the 3 months ended June 30 , year 1 ( second quarter )?
Question 5 :
The method used to determine what information to report for business segments is referred to as the Question 6 :