UOP ACC 541 Final Exam NEW

UOP ACC 541 Final Exam NEW

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Question 95  Application of the full disclosure principle

Question 54  The omission of the adjusting entry to record depreciation expense will result in an

Question 84  What should be the balance of retained earnings at December 31, 2017?

Question 98  In Reese's December 31, 2017 balance sheet,The current assets total is

Question 44  Which of the following statements is true?

Question 63  Antique Company has notes receivable that have a fair value of $920,000 and a carrying amount of $710,000. Antique decides on December 31, 2017, to use the fair value option for these recently-acquired receivables. The adjusting entry to record this change will include a:

Question 46  What is the effect of a $50,000 overstatement of last year's inventory on current years ending retained earning balance?

Question 104  Based on the above information, the inventory account at December 31, 2017, should be reduced by

Question 87  On January 2, 2018, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $160,000 each, payable beginning January 2, 2018. Brick Co. agrees to guarantee the $100,000 residual value of the asset at the end of the lease term. Brick’s incremental borrowing rate is 10%, however it knows that Gold Star’s implicit interest rate is 8%. What journal entry would Brick Co. make at January 1, 2019 to record the second lease payment?

Question 95 What amount of cash was paid on accounts payable to suppliers during 2019?

UOP ACC 541 Midterm Exam NEW

UOP ACC 541 Midterm Exam NEW

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Question 21  Generally accepted accounting principles

Question 47 Which of the following does not relate to relevance?

Question 34  The difference between the accounting process and the accounting cycle is

Question 28  Which of the following tables would show the smallest value for an interest rate of 5% for six periods?

Question 43 In 2017, Orear Manufacturing signed a contract with a supplier to purchase raw materials in 2018 for $700,000. Before the December 31, 2017 balance sheet date, the market price for these materials dropped to $510,000. The journal entry to record this situation at December 31, 2017 will result in a credit that should be reported

Question 30  Historical cost is the basis advocated for recording the acquisition of property, plant, and equipment for all of the following reasons except

Question 39 Broadway Corporation was granted a patent on a product on January 1, 2007. To protect its patent, the corporation purchased on January 1, 2018 a patent on a competing product which was originally issued on January 10, 2014. Because of its unique plant, Broadway Corporation does not feel the competing patent can be used in producing the product. The cost of the competing patent should be

Question 32 An account which would be classified as a current liability is

Question 68  A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2017. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,108. Using effective-interest amortization, what will the carrying value of the bonds be on the December 31, 2017 balance sheet?

Question 41  A company that uses the last-in, first-out (LIFO) method of inventory pricing finds at an interim reporting date that there has been a partial liquidation of the base period inventory layer. The decline is considered temporary and the partial liquidation is expected to be recovered prior to year-end. The amount shown as inventory at the interim reporting date should

UOP ACC 541 Week 1 Recommendation for Accounting Rules and Standard NEW

UOP ACC 541 Week 1 Recommendation for Accounting Rules and Standard NEW

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ACC 541 Week 1 Recommendation for Accounting Rules and Standard NEW

UOP ACC 541 Week 2 Team IFRS or GAAP Recommendation NEW

UOP ACC 541 Week 2 Team IFRS or GAAP Recommendation NEW

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Client X operates in the US currently and is planning to expand operations globally next year. As a result, management is considering preparing financial statements in accordance with IFRS rather than with US GAAP.

Client X contacted you for clarification and recommendations regarding the following issues:

How the use of the LIFO method to value its inventories will be impacted if a switch to financial statements prepared in compliance with IFRS will be made.

Whether interest cost on construction of a new warehouse may be included in the cost of the new warehouse.

In what instances should goodwill be adjusted for impairment?

Discuss the above with your team and come to a consensus.

Write a 350-to 525-word paper. Provide a brief overview of each issue, followed by solid responses supported by research and proper citing.