ACC 577 Week 1 Quiz ( 100 % Correct Answers ) For more course tutorials visit www . uophelp . com
ACC 577 Week 1 Quiz ( 100 % Correct Answers ) For more course tutorials visit www . uophelp . com
Week 1 Quiz All Questions Details given below ( Please Check ) Question 1
The fair value hierarchy provided by GAAP in FASB 157 is comprised of three ( 3 ) levels . Which of these levels is / are based , either directly or indirectly , on observable data ?
Question 2
Giaconda , Inc . acquires an asset for which it will measure the fair value by discounting future cash flows of the asset . Which of the following terms best describes this fair value measurement approach ?
Question 3
On July 1 , 2003 , Roxy Co . obtained fire insurance for a three-year period at an annual premium of $ 72,000 payable on July 1 of each year . The first premium payment was made July 1 , 2003 . On October 1 , 2003 , Roxy paid $ 24,000 for real estate taxes to cover the period ending September 30 , 2004 . This prepayment was made to obtain a discount . In its December 31 , 2003 , Balance Sheet , Roxy should report prepaid expenses of :
Question 4