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ACC 573 Midterm Exam Guide
1. The two categories of shareholders' equity usually found on
the balance sheet of a corporation are
2. When a firm attempting to create unique products or
services for particular market niches, in order to achieve
relatively high profit margins, this is best known as
3. Which of the following economic characteristics is consistent
with a pharmaceutical company?
4. Which of the following economic characteristics is consistent
with a commercial bank?
5. Which of the following assets appears on the balance sheet at
fair value?
6. The use of acquisition cost as a valuation method is justified
on the basis that acquisition cost is:
7. U.S. GAAP, IFRS, and other major accounting standards
are best characterized as
8. Toro Company recognized $655,000 of cost of goods sold in
2010, in addition its implementation of a just-in-time inventory
system allowed it to reduce its inventory from $325,000 at the
beginning of the year to $230,000 at the end of 2010. How
much cash did Toro spend for inventory in 2010?
9. Free cash flows to all debt and common equity shareholders
represents the excess of cash flows from