ACC 497 Final Exam
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1) The uniform law, issued in 1984 by the Committee on Corporate Laws of the American Bar Association, that regulates the formation, operation, and termination of corporations is
2) Which of the following statements is true?
3) Which of the following statements is true?
4) What effect would a decrease in interest rates by the Federal Reserve most likely have in the nation’s manufacturing sector, all other factors remaining constant?
5) A table that shows the relationship between the price of a good and the quantity demanded of that good is called
6) If policymakers increase aggregate demand,…show more content…
Graceland still holds the inventory on December 31, 2008, and determines that its market value (replacement cost) is $82,000 at that time. Graceland writes the inventory down from $95,000 to its lower market value of $82,000 at the end of the year. Elvis owns 75% of Graceland. Based on this information, what amount of inventory should be eliminated in the consolidation workpaper for 2008?
36) Which of the following objectives is considered the cornerstone of financial reporting by a governmental entity?
37) Expenditures should be budgeted by character. An example of a character classification is
38) Which of the following funds is accounted for on the modified accrual basis of accounting?
39) Several years ago, Durham City issued $1 million in zero coupon bonds due and payable in 2010. The bonds were sold at an amount to yield investors 6% over the life of the bonds. During the current year, how much interest expenditures would Durham City recognize related to these bonds?
40) As used in