In Yew Co.'s 1992 annual report, Yew described its social awareness expenditures during the year as follows:"The Company contributed $250,000 in cash to youth and educational programs. The Company also gave $140,000 to health and human-service organizations, of which $80,000 was contributed by employees through payroll deductions. In addition, consistent with the Company's commitment to the environment, the Company spent $100,000 to redesign product packaging." What amount of the above should be included in Yew's income statement as charitable contributions expense?
Answer(s): A
Choice "a" is correct. Charitable contributions include amounts the company gave to recognized charities. This includes:Note: Of the $140,000, employees gave $80,000, and the company $60,000. Redesigning packaging is not a contribution to a charity.Choice "b" is incorrect. The company gave only $60,000 of the $140,000. Employees gave $80,000. Choice "c" is incorrect. Redesigning packaging is not a contribution to a charity. Choice "d" is incorrect. The company gave only $60,000 of the $140,000. Employees gave $80,000. Redesigning packaging is not a contribution to a charity.
According to the FASB conceptual framework, which of the following relates to both relevance and reliability?
Choice "a" is correct. Comparability and consistency are secondary qualities of both relevance and reliability. SFAC 2 para. 111-122Choice "b" is incorrect. Feedback value is a key characteristic of relevance only. Choice "c" is incorrect. Verifiability is a key characteristic of reliability only. Choice "d" is incorrect. Timeliness is a key characteristic of relevance only.
Which of the following is true regarding the comparison of managerial to financial accounting?
Answer(s): D
Choice "d" is correct. Public companies must follow GAAP for (external) financial reporting purposes. GAAP need not be followed for (internal) managerial accounting purposes. Choice "a" is incorrect. Financial accounting is generally more precise. Choice "b" is incorrect. Managerial accounting has a future focus, while financial accounting focuses on reporting past results.Choice "c" is incorrect. The emphasis of financial accounting is providing useful information to financial statement users (including the characteristic of relevance), while the emphasis of managerial accounting is providing timely information to management decision makers.
Which of the following is a generally accepted accounting principle that illustrates the practice of conservatism during a particular reporting period?
Choice "d" is correct. The rule of conservatism states that revenues and gains should be recognized when the earnings process is complete, but that expenses and losses should be expensed immediately.Reporting inventory at the lower of cost or market requires the recording of a loss on inventory when market is lower than cost in the period the loss is sustained, rather than when the inventory is sold, consistent with the rule of conservatism.Choice "a" is incorrect. Because the future benefits of R&D costs are questionable, these cost should be expensed immediately, consistent with the rule of conservatism and the matching principle. Choice "b" is incorrect. The rule of conservatism only requires the accrual of "probable" losses. The accrual of a reasonably possible loss is not required and the accrual of any contingent gain, whether probable, reasonably possible, or remote, is prohibited. Choice "c" is incorrect. The reporting of marketable securities with appreciated values at market value requires the recording of a gain on the asset before the gain is realized. This contradicts the rule of conservatism, but is allowed because fair value is a more relevant measure of the value of marketable securities.
Arpco, Inc., a for-profit provider of healthcare services, recently purchased two smaller companies and is researching accounting issues arising from the two business combinations. Which of the following accounting pronouncements are the most authoritative?
Choice "d" is correct. Since Arpco is a for-profit provider of healthcare services, it is covered under normal GAAP. Thus, the most authoritative pronouncements are the FASB Statements of Financial Accounting Standards (SFAS).Choice "a" is incorrect. AICPA Statements of Position are not the most authoritative pronouncement for almost anything (other than for some issues that only they cover). They are normally "merely" the opinion of the AICPA.Choice "b" is incorrect. AICPA Industry and Audit Guides are not the most authoritative pronouncement for almost anything (other than for some issues that only they cover). Choice "c" is incorrect. FASB Statements of Financial Accounting Concepts are not authoritative pronouncements except where they have been incorporated by reference into an SFAS. They are the basis on which SFAS can be constructed.
Share your comments for AICPA CPA Financial Accounting and Reporting exam with other users:
relevant questions
just clear exam on 10/06/2202 dumps is valid all questions are came same in dumps only 2 new questions total 46 questions 1 case study with 5 question no lab/simulation in my exam please check the answers best of luck
q.112 - correct answer is c - the event registry is a module that provides event definitions. answer a - not correct as it is the definition of event log
good and useful.
good questions
good content
totally not correct answers. 21. you have one gcp account running in your default region and zone and another account running in a non-default region and zone. you want to start a new compute engine instance in these two google cloud platform accounts using the command line interface. what should you do? correct: create two configurations using gcloud config configurations create [name]. run gcloud config configurations activate [name] to switch between accounts when running the commands to start the compute engine instances.
kindly upload the dumps
still learning
excellent way to learn
help so much
understand sql col.
i would give 5 stars to this website as i studied for az-800 exam from here. it has all the relevant material available for preparation. i got 890/1000 on the test.
this is nice.
q55- the ridac workflow can be modified using flow designer, correct answer is d not a
by far this is the most accurate exam dumps i have ever purchased. all questions are in the exam. i saw almost 90% of the questions word by word.
i cleared the az-104 exam by scoring 930/1000 on the exam. it was all possible due to this platform as it provides premium quality service. thank you!
question # 232: accessibility, privacy, and innovation are not data quality dimensions.
looks wrong answer for 443 question, please check and update
great question
question: a user wants to start a recruiting posting job posting. what must occur before the posting process can begin? 3 ans: comment- option e is incorrect reason: as part of enablement steps, sap recommends that to be able to post jobs to a job board, a user need to have the correct permission and secondly, be associated with one posting profile at minimum
answer to question 72 is d [sys_user_role]
please provide the pdf
hey guys, just to let you all know that i cleared my 312-38 today within 1 hr with 100 questions and passed. thank you so much brain-dumps.net all the questions that ive studied in this dump came out exactly the same word for word "verbatim". you rock brain-dumps.net!!! section name total score gained score network perimeter protection 16 11 incident response 10 8 enterprise virtual, cloud, and wireless network protection 12 8 application and data protection 13 10 network défense management 10 9 endpoint protection 15 12 incident d
very helpful
useful questions
page :20 https://exam-dumps.com/snowflake/free-cof-c02-braindumps.html?p=20#collapse_453 q 74: true or false: pipes can be suspended and resumed. true. desc.: pausing or resuming pipes in addition to the pipe owner, a role that has the following minimum permissions can pause or resume the pipe https://docs.snowflake.com/en/user-guide/data-load-snowpipe-intro
i want hcia exam dumps
good training
very useful
yes need this exam dumps
these questions are a great eye opener
thank you for providing these questions and answers. they helped me pass my exam. you guys are great.
good knowledge