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(Solved by Expert Tutors) 1)A firm correctly credits (recognizes) revenue in a JE that affects one


routine one. How many of the following four general account types are likely candidates for the debit in that JE? ____ Expense _____ Asset ____ Liability ____ Owners' Equity.??????????????????????????

a. 1

b. 2???????

c. 3??????????????????????

d. 4


2)Which of the following is not one of the five steps in the model leading to revenue recognition.????

a. identify contract????????

b. identify performance obligations???????

c. determine total transaction price???????

d. allocate total transaction price to the performance obligations???????????

e. receive cash after completing performance obligations


3)A firm reporting $4 million of cost of goods sold saw its inventory decrease $1 million for the year and its accounts payable increase $2 million for the year. The firm will report what amount as an operating cash outflow in its direct method SCF??????

a. 1???????

b. 3???????

c. 5???????

d. 4???????

e. 6


4)A plant asset originally costing $70,000 had been depreciated $35,000 and then was sold (disposed of) for $30,000. Choose the most complete listing of relevant line items in the statement of cash flows (SCF).

????????????????????????????

a. I: sell plant asset 35,000; R: loss on asset disposal (5,000)???????

b. I: sell plant asset 30,000; R: loss on asset disposal 5,000

c. I: sell plant asset 30,000

d. I: sell plant asset 30,000; O: loss on asset disposal 5,000?????????

e. R: loss on asset disposal 5,000

 


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DATE ANSWERED

Apr 19, 2020

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