(TCO 1) The FASB's standard-setting process includes, in the correct order, (Points - 6)

(TCO 1) The FASB's standard-setting
process includes, in the correct
order, (Points : 6)
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ACCT 304 Intermediate Accounting I Week 8 Final Exam Answers
1. (TCO 1) The FASB's standard-setting process includes, in the correct order, (Points : 6)
2. (TCO 1) The International Accounting Standards Board (Points : 6)
3. (TCO 2) The conceptual framework's qualitative characteristic of relevance includes (Points : 6)
4. (TCO 2) Enhancing qualitative characteristics of accounting information include (Points : 6)
5. (TCO 3) Incurring an expense for advertising on an account would be recorded by (Points : 6)
6. (TCO 3) Accruals occur when cash flows (Points : 6)
7. (TCO 4) Which of the following accounts is not a current asset account? (Points : 6)
8. (TCO 4) Rent collected in advance is (Points : 6)
9. (TCO 5) Popson Inc. incurred a material loss that was not unusual in character but was clearly an
infrequent occurrence. This loss should be reported as (Points : 6)
10. (TCO 5) On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese
Inc. for $80 million. The sale was completed on December 31, 2012. The following additional facts pertain
to the transaction:
• The Footwear Division qualifies as a component of the entity according to GAAP
regarding discontinued operations.
• The book value of Footwear's assets totaled $48 million on the date of the sale.
• Footwear's operating income was a pre-tax loss of $10 million in 2012.
• Foxtrot's income tax rate is 40%.
In the 2012 income statement for Foxtrot Co., which of the following would it would report? (Points : 6)
11. (TCO 8) An argument against the use of LCM is its lack of (Points : 6)