appears inclined to accept the Railroad's offer. The Railroad's 2007
financial statements should include the following related to the incident:
51) Which of the following sets of conditions would give rise to the
accrual of a contingency under current generally accepted accounting
principles? 52) If bonds are issued initially at a premium and the
effective-interest method of amortization is used, interest expense in the
earlier years will be 53) An example of an item which is NOT a liability
is 54) The covenants and other terms of the agreement between the
issuer of bonds and the lender are set forth in the 55) Which of the
following is a correct statement of one of the capitalization criteria? 56)
Which of the following best describes current practice in accounting for
leases? 57) While only certain leases are currently accounted for as a
sale or purchase, there is theoretic justification for considering all leases
to be sales or purchases. The principal reason that supports this idea is
that 58) The amount to be recorded as the cost of an asset under capital
lease is equal to the 59) In the earlier years of a lease, from the lessee's
perspective, the use of the 60) If the residual value of a leased asset is
guaranteed by a third party
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ACC 422 Final Exam Guide All 3 Sets
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www.acc422nerd.com
Details of All 180 Questions Given Below SET 1 1. Kraft Enterprises
owns the following assets at December 31, 2012. Cash in bank–savings
account 67,516
Checking account balance 26,445 Cash on hand
9,478
Postdated checks
753 Cash refund due from IRS
40,324
Certificates of deposit (180-day) 94,754 What amount
should be reported as cash? Question 2 Presented below is information
related to Rembrandt Inc.’s inventory. (per unit) Skis Boots Parkas
Historical Cost 273.79 152.75 76.37 Selling Price 312.70 208.95 106.27