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