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: