The fundamental accounting equation is a reflection of the: Money measurement concept
| Financial Accounting Exam 2 | |||||
| 1) | The fundamental accounting equation is a reflection of the: | ||||
| Money measurement concept | |||||
| Conservatism concept | |||||
| Dual-aspect concept | |||||
| Historical cost concept | |||||
| 2) | |||||
| The historical cost concept reflects the fact that financial accounting practice favors: | |||||
| Reliability over relevance | |||||
| Management’s best guess over historical financial information | |||||
| Relevance over reliability | |||||
| Consensus market values over historical financial information | |||||
| 3) | |||||
| Jon Sports’ inventory account increased from $25,000 on December 31, 2003 to $30,000 on December 31, 2004. Which one of the following items would be included in the operating section of its 2004 indirect method statement of cash flows? | |||||
| Add increase in inventory $5,000 | |||||
| Subtract increase in inventory ($5,000) | |||||
| Add inventory balance $20,000 | |||||
| Subtract inventory balance ($20,000) | |||||
| 4) | |||||
| Turnkey Systems, Inc. began the month of June, 2004 with a prepaid expenses balance of $240,000. During the month, debits totaling $110,000 and credits totaling $80,000 were made to the prepaid expenses account. What was the June, 2004 ending balance of prepaid expenses? | |||||
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