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Test Bank For Intermediate Accounting Vol 1, 3rd Edition

ISBN-10 ‏ : ‎ 0133865940
ISBN-13 ‏ : ‎ 978-0133865943

Publisher ‏ : ‎ Pearson; 3rd edition
Author: Kin Lo, George Fisher

Original price was: $60.00.Current price is: $27.00.

SKU:TB000752

Test Bank For Intermediate Accounting Vol 1, 3rd Edition

Intermediate Accounting, Vol 1, 3e (Lo/Fisher)

Chapter 3 Accrual Accounting

Learning Objective 1

1) What is a “cash” cycle?

A) A cycle of transactions that converts cash inflows to cash outflows, or vice versa.

B) A cycle where there is receipt of funding from investors, those funds are used to generate returns from investments and operations, and then the funds are returned to investors.

C) A cycle where a property is purchased that has long-term future benefits for the enterprise, which ultimately results in cash inflows, and then the property is disposed of.

D) A cycle that involves the purchase of items such as inventory; production, sales, delivery of goods or provision of services; and receipts from customers.

Answer: A

Diff: 1 Type: MC

Skill: Conceptual

Objective: 3.1 Explain the source of demand for periodic reporting and how accrual accounting satisfies that demand.

2) What is the cash basis of accounting?

A) A method of accounting that records accounting transactions based on economic substance.

B) A method of accounting that requires accruals for amounts due or outstanding at year-end.

C) A method of accounting that records transactions only when cash is received or paid.

D) An entry that reflects events in a period different from their corresponding cash flow.

Answer: C

Diff: 1 Type: MC

Skill: Conceptual

Objective: 3.1 Explain the source of demand for periodic reporting and how accrual accounting satisfies that demand.

3) What is a financing cash cycle?

A) A cycle of transactions that converts cash inflows to cash outflows, or vice versa.

B) A cycle where there is receipt of funding from investors, those funds are used to generate returns from investments and operations, and then the funds are returned to investors.

C) A cycle where a property is purchased that has long-term future benefits for the enterprise, which ultimately results in cash inflows, and then the property is disposed of.

D) A cycle that involves the purchase of items such as inventory; production, sales, delivery of goods or provision of services; and receipts from customers.

Answer: B

Diff: 1 Type: MC

Skill: Conceptual

Objective: 3.1 Explain the source of demand for periodic reporting and how accrual accounting satisfies that demand.

4) What is the accrual basis of accounting?

A) A basis of accounting that records economic events when they happen rather than only when cash exchanges occur.

B) A method of accounting that does not require accruals for amounts due or outstanding at year-end.

C) An entry that reflects accounting events and transactions after the related cash flow.

D) An entry that reflects events in a period different from their corresponding cash flow.

Answer: A

Diff: 1 Type: MC

Skill: Conceptual

Objective: 3.1 Explain the source of demand for periodic reporting and how accrual accounting satisfies that demand.

5) What is an “operating” cycle?

A) A cycle of transactions that converts cash inflows to cash outflows, or vice versa.

B) A cycle where there is receipt of funding from investors, those funds are used to generate returns from investments and operations, and then the funds are returned to investors.

C) A cycle where a property is purchased that has long-term future benefits for the enterprise, which ultimately results in cash inflows, and then the property is disposed of.

D) A cycle that involves the purchase of items such as inventory; production, sales, delivery of goods or provision of services; and receipts from customers.

Answer: D

Diff: 1 Type: MC

Skill: Conceptual

Objective: 3.1 Explain the source of demand for periodic reporting and how accrual accounting satisfies that demand.

6) What is an “accrual”?

A) An entry to record deposits received from a customer for services to be provided next year.

B) An entry that reflects accounting events or transactions after the related cash flow.

C) An entry that reflects transactions in a period different from its corresponding cash flow.

D) An entry to record the payment of a supplier invoice for goods received last month.

Answer: C

Diff: 3 Type: MC

Skill: Conceptual

Objective: 3.1 Explain the source of demand for periodic reporting and how accrual accounting satisfies that demand.

7) Which of the following is not an example of a “cash” cycle?

A) Receipt of funding from investors that is used to generate returns from investments and operations, and then returned to investors.

B) Purchase of property with long-term future benefits which results in cash inflows and then the property is disposed of.

C) Planning for product growth which results in investment opportunities that will create returns for investors.

D) Purchase of inventory, conversion into products that are delivered to customers, and receipts from customers.

Answer: C

Diff: 1 Type: MC

Skill: Conceptual

Objective: 3.1 Explain the source of demand for periodic reporting and how accrual accounting satisfies that demand.

8) What is an investing cash cycle?

A) A cycle of transactions that converts cash inflows to cash outflows, or vice versa.

B) A cycle where there is receipt of funding from investors, those funds are used to generate returns from investments and operations, and then the funds are returned to investors.

C) A cycle where a property is purchased that has long-term future benefits for the enterprise, which ultimately results in cash inflows, and then the property is disposed of.

D) A cycle that involves the purchase of items such as inventory; production, sales, delivery of goods or provision of services; and receipts from customers.

Answer: C

Diff: 1 Type: MC

Skill: Conceptual

Objective: 3.1 Explain the source of demand for periodic reporting and how accrual accounting satisfies that demand.

9) What is a “deferral”?

A) An entry to record payments received from customers that had been outstanding for 100 days.

B) An entry that reflects accounting events or transactions after the related cash flow.

C) An entry that reflects transactions in a period different from its corresponding cash flow.

D) An entry to record the receipt of inventory that will be paid in 60 days.

Answer: B

Diff: 3 Type: MC

Skill: Conceptual

Objective: 3.1 Explain the source of demand for periodic reporting and how accrual accounting satisfies that demand.

10) Which of the following is an example of the “financing” cash cycle?

A) Receipt of funding from investors that is used to generate returns from investments and operations, and then returned to investors.

B) Purchase of property with long-term future benefits which results in cash inflows and then the property is disposed of.

C) Planning for product growth which results in investment opportunities that will create returns for investors.

D) Purchase of inventory, conversion into products that are delivered to customers, and receipts from customers.

Answer: A

Diff: 1 Type: MC

Skill: Conceptual

Objective: 3.1 Explain the source of demand for periodic reporting and how accrual accounting satisfies that demand.

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