According to accrual accounting, when goods are not sold until the period after they were produced,...
According to accrual accounting, when goods are not sold until
the period after they were produced, then the cost of goods sold
will be:
split between the production and the sale periods.
recognized when payment is received.
recognized when the goods are produced.
recognized when the goods are sold.
Which one of the following is not a requirement imposed by the
Sarbanes-Oxley Act?
A board's audit committee must consist of directors who are
independent of the firm's management.
Any one individual is prohibited from serving as the chairman of a
firm's board of directors for more than 5 years.
Management must certify that the financial statements present a
fair view of the firm's financial position.
Accounting firms may not offer other services to companies they
audit.
In which of the following balance-sheet entries are you
leastlikely to find a difference between market value and book
value?
Land
Cash
Shareholders' equity
Inventory
If interest is paid m times per year, then the per-period
interest rate equals the:
effective annual rate.
annual percentage rate (APR) divided by m.
effective annual rate divided by m.
compound interest rate times m.
Homework Answers
Ans:The correct option for the answer is option D i.e. Recognized When the goods are sold.
According to accrual accounting, when goods are not sold until the period after they were produced, then the cost of goods sold will be recognized when the goods are sold.
Ans: The correct option for the answer is option D i.e. Accounting firms may not offer other services to companies they audit.
Ans: The correct option for the answer is option A i.e. Land
Other three options don not involved in book value and market value only land is the one which have two values i.e. book value and market value.
Ans: The correct option for the answer is option C i.e. effective annual rate divided by m.
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According to accrual accounting, when goods are not sold until
the period after they were produced,...
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