Question 41 (1 point) Saved ...

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Accounting

Question 41 (1 point)

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Sandstrom Corporation has loss from discontinued operations of $200,000 and a tax rate of 40%. At what amount should Sandstrom report the discontinued operation?

Question 41 options:

	$0
	$120,000
	$(120,000)
	$(200,000)

Question 42 (1 point)

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Which of the following is not a current asset?

Question 42 options:

	Prepaid insurance, 1 year policy
	Land held for future expansion
	Income tax refund receivable
	All are current assets

Question 43 (1 point)

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The balance sheet is useful for analyzing all of the following except

Question 43 options:

	financial flexibility
	liquidity
	profitability
	solvency

Question 44 (1 point)

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A limitation of the balance sheet that is not also a limitation of the income statement is

Question 44 options:

	the use of judgments and estimates
	the numbers are affected by the accounting methods employed
	valuation of items at historical cost

Question 45 (1 point)

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The correct order to present current assets is

Question 45 options:

	cash, inventories, accounts receivable, prepaid items
	cash, inventories, prepaid items, accounts receivable
	cash, accounts receivable, inventories, prepaid items
	cash, accounts receivable, prepaid items, inventories

Question 46 (1 point)

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Receivables are valued based on their

Question 46 options:

	historical cost
	lower-of-cost-or-market value
	fair value
	estimated amount expected to be collected

Question 47 (1 point)

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A generally accepted method of valuation for trading securities is at

Question 47 options:

	fair value
	net realizable value
	historical cost
	amortized cost

Question 48 (1 point)

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Treasury stock should be reported as a(n)

Question 48 options:

	reduction of stockholders' equity
	current asset
	investment
	other asset

Question 49 (1 point)

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Which of the following is not an acceptable major asset classification?

Question 49 options:

	Current assets
	Deferred charges
	Long-term investments
	Property, plant, and equipment

Question 50 (1 point)

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Accounting policies disclosed in the notes to the financial statements typically include all of the following except

Question 50 options:

	the cost flow (LIFO/FIFO) assumption used
	significant inventory purchasing policies
	significant estimates made
	the depreciation methods used

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Question 41 (1 point) Saved ...

90.2K

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Accounting

Question 41 (1 point)

Question 42 (1 point)

Question 43 (1 point)

Question 44 (1 point)

Question 45 (1 point)

Question 46 (1 point)

Question 47 (1 point)

Question 48 (1 point)

Question 49 (1 point)

Question 50 (1 point)

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