External Financial Statements and Revenue Recognition MCQs

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A corporation uses a calendar year for financial and tax reporting purposes and has $100 million of mortgage bonds due on January 15, Year 2. By Janua...






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Which of the following is not an example of off-balance-sheet financing?






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Heavy use of off-balance-sheet lease financing will tend to






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The profit and loss statement of an entity includes the following information for the current fiscal year: Sales $160,000...






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Given the following data for a company, what is the cost of goods sold? Beginning inventory of finished goods $100,000 Cost of goods manufactured 70...






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On December 1, a corporation’s board of directors declared a property dividend, payable in stock held in a company. The dividend was payable on Janu...






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A company entered into the following transactions during the year: • Purchased stock for $200,000 • Purchased electronic equipment for use on th...






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A company acquired land by assuming a mortgage for the full acquisition cost. This transaction should be disclosed on it’s statement of cash flows a...






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An individual who recently founded a company that produces baseball bats and bails wants to determine their policy for revenue recognition. According ...