Reference no: EM132314916
Question
1. Trading securities are at reported at fair value and included in net income.
True or
False?
2. Collecting rent in advance will result in a deferred tax asset.
True or False?
3. Payment of dividends is reported in the investing section of the statement of cash flows.
True or False?
4. A change in accounting estimate should always be accounted for in current and future periods.
True or False?
5. Interest revenue on municipal bonds results in a temporary tax difference
True or False?
6. Service cost is a component of net periodic postretirement benefit cost.
True or False?
7. Retained Earnings in increased by the distribution of dividends.
True or False?
8. A change in inventory valuation method is a change in accounting estimate.
True or False?
9. During the current year, Tartech Co. purchased equipment. Ace prepares its statement of cash flows using the indirect method. In which section of the statement should Tartech report the purchase?
a. Operating activities.
b. Supplemental disclosures.
c. Investing activities.
d. Financing activities.
10. Long-term liabilities typically include:
a. Salaries Payable
b. Unearned Revenue
c. Premium on Bonds Payable
d. Treasury Stock
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