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ACC 577 Week 1 Quiz (100 % Correct Answers)
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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: