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Residual value in depreciation formula-bank reconciliation

Assignment Help Financial Accounting
Reference no: EM13823191

1. The bank collected a note receivable of $1,000. How would this information be included on the bank reconciliation?

An addition on the bank side

A deduction on the book side

An addition on the book side

A deduction on the bank side

2. If an investor company buys stocks in another company to hold for investment (representing less than 20% of the investee stock and they do not plan to sell the stocks in the near future, that investment would be classified as a(n):

trading equity investment.

available-for-sale debt investment.

available-for-sale equity investment.

held-to-maturity debt investment.

3. Which of the following depreciation methods does NOT use a residual value in the depreciation formula?

Units-of-production

Double-declining-balance

Straight-line

First-In, First-Out

4. The mark-to-market method means:

trading investments are carried at original cost on the balance sheet.

trading investments are carried at current market value on the balance sheet.

trading investments are carried as long-term assets on the balance sheet.

trading investments are carried at discounted values on the balance sheet .

5. Which of the following requires that financial statements should report the LEAST favorable figures?

Accounting conservatism

Materiality concept

Disclosure principle

Consistency principle

Reference no: EM13823191

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