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MuhammadYousaf
 MuhammadYousaf
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Mar 10 2014 
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19. Ownership of debt instruments of the government and other companies that can be readily converted to cash are best reported as: (Points : 2) Long-term investments Cash Mar
19. Ownership of debt instruments of the government and other companies that can be readily converted to cash are best reported as: (Points : 2)         Long-term investments         Cash         Marketable securities         Available for sale investments         Cash equivalents                                         
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Available for sale investments Cash equiva...(1303 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 10 2014 
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18. At the beginning of the year, Execon Company had total assets of $200,000, total liabilities of $110,000, and shareholders' equity of $90,000. For the year, Execon Company earned net income of $7
18. At the beginning of the year, Execon Company had total assets of $200,000, total liabilities of $110,000, and shareholders' equity of $90,000. For the year, Execon Company earned net income of $75,000 and declared cash dividends of $30,000. At the end of the year, the company had total assets of $300,000 and its shareholders' equity was at $135,000. At the end of the year, Execon Corporation had total liabilities of: (Points : 2)         $0         $45,000         $50,000         $165,000         None of the answers are correct                                         
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the year, the company had total assets of $300,000 and its shareholders' equity was at $135,000. At the ...(1319 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 10 2014 
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17. In addition to the balance sheet, the income statement, and the statement of cash flows, a complete set of financial statements must include:(Points : 2) An auditor's opinion A te
17. In addition to the balance sheet, the income statement, and the statement of cash flows, a complete set of financial statements must include:(Points : 2)         An auditor's opinion         A ten-year summary of operations         A note disclosing such items as accounting policies         Historical common-size (percentage) summaries         MD&A (Management's Discussion & Analysis)                                        
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ce sheet, the income statement, and the statement of cash flows, a complete...(1312 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 10 2014 
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16. Which of the following is not an objective of the SEC's integrated disclosure system? (Points : 2) to coordinate the Form 10-K requirements with those of the annual report to le
16. Which of the following is not an objective of the SEC's integrated disclosure system? (Points : 2)         to coordinate the Form 10-K requirements with those of the annual report         to lessen the impact of the FASB         to expand the management discussion of liquidity, capital resources, and results of operations         to improve the quality of disclosure         to standardize information requirements                                         
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uirements16. Which of the following is not an objective of the SEC's integrated di...(1314 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 10 2014 
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15. Tiffin Company had retained earnings of $50,000 at the end of last year. For the current year, income was $20,000 and dividends $15,000. What is the balance in retained earnings at the end of the
15. Tiffin Company had retained earnings of $50,000 at the end of last year. For the current year, income was $20,000 and dividends $15,000. What is the balance in retained earnings at the end of the current year? (Points : 2)         $85,000         $45,000         $55,000         $60,000         None of the answers are correct                                         
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50,000 at the end of last year. For the current year, income wa...(1305 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 10 2014 
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14. Which of the following would not be considered a subsequent event? (Points : 2) A major customer declares bankruptcy subsequent to the balance sheet date but prior to issuing the statemen
14. Which of the following would not be considered a subsequent event? (Points : 2)         A major customer declares bankruptcy subsequent to the balance sheet date but prior to issuing the statements. This event was not considered on the balance sheet date.         A major purchase of a subsidiary subsequent to the balance sheet date but prior to issuing the statements.         Substantial debt incurred subsequent to the balance sheet date but prior to issuing the statements.         Substantial stock issued subsequent to the balance sheet date but prior to issuing the statements.         Hiring of employees for a new store, subsequent to the balance sheet date but prior to issuing the statements.                                         
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. Which of the following would not be considered a subsequent event? (Points : 2) A major customer declares bankruptcy subsequent to t...(1337 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 10 2014 
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13. Which of the following statements is not true? (Points : 2) A qualified opinion or an adverse opinion may bring into question the reliability of the financial statements. A discla
13. Which of the following statements is not true? (Points : 2)         A qualified opinion or an adverse opinion may bring into question the reliability of the financial statements.         A disclaimer of opinion indicates that one should not look to the auditor's report as an indication of the reliability of the statements.         In some cases, outside accountants are associated with financial statements when they have performed less than an audit.         A review is substantially less in scope than an examination in accordance with generally accepted auditing statements.         The accountant's report expresses an opinion on reviewed financial statements.                                         
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than an examination in accordance with generally accepted auditing statements. The accountant's report expresses an opinion on...(1352 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 10 2014 
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12. Who is responsible for the preparation and integrity of financial statements? (Points : 2) Cost accountant Management Auditor Bookkeeper FASB
12. Who is responsible for the preparation and integrity of financial statements? (Points : 2)         Cost accountant         Management         Auditor         Bookkeeper         FASB                                         
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o is responsible for the preparati...(1296 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 10 2014 
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11. Dorset Company began the year with total assets of $400,000 and total liabilities of $300,000. Assuming Dorset Company’s assets increased by $50,000, its liabilities increased by $30,000, and $10
11. Dorset Company began the year with total assets of $400,000 and total liabilities of $300,000. Assuming Dorset Company’s assets increased by $50,000, its liabilities increased by $30,000, and $10,000 in dividends were paid during the year, what would be the amount of stockholders' equity at the end of the year? (Points : 2)         $100,000         $120,000         $350,000         $110,000         None of the answers are correct                                         
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. Dorset Company began the year with total assets of $400,000 and total liabilities ...(1284 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 10 2014 
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10. Determine the financial statement where the user would most likely find gains or losses on marketable securities. (Points : 2) Income Statement Balance Sheet Statement of
10. Determine the financial statement where the user would most likely find gains or losses on marketable securities. (Points : 2)         Income Statement         Balance Sheet         Statement of comprehensive income         Statement of stockholders' equity         Any of the above                                         
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ockholders' equity Any of the above10. Determine ...(1303 more words & 0 attachments).
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