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ACC 306 Week 1 Quiz To Purchase This Material Click below Link FOR MORE CLASSES VISIT Question 1: Which of the following may create employer liabilities in connection with their payrolls? Question 2: Current liabilities are normally recorded at the amount expected to be paid rather than at their present value. This practice can be supported by GAAP according to the concept of: Question 3: The investment category for which the investor's "positive intent and ability to hold" is important is: Question 4: Which of the following investment securities held by Zoogle Inc. may be classified as held-to-maturity securities in its balance sheet? Question 5: Large, highly rated firms sometimes sell commercial paper: Question 6: If Pop Company exercises significant influence over Son Company and owns 40% of its common stock, then Pop Company: Question 7: A contingent loss should be reported in a footnote to the financial statements rather than being accrued if: Question 8: Assume that, on 1/1/06, Matsui Co. paid $1,200,000 for its investment in 60,000 shares of Yankee Inc. Further, assume that Yankee has 200,000 total shares of stock issued. The book value and fair value of Yankee's identifiable net assets were both $4,000,000 at 1/1/06. The following information pertains to Yankee during 2006: • Net Income$200,000 • Dividends declared and paid$60,000 • Market price of common stock on 12/31/06 • $22/share What amount would Matsui report in its year-end 2006 balance sheet for its investment in Yankee? Question 9: Other things being equal, most managers would prefer to report liabilities as noncurrent rather than current. The logic behind this preference is that the longterm classification permits the company to report: Question 10: Which of the following investment securities held by Zoogle Inc. are not reported at fair value in its balance sheet?

Acc 306 week 1 quiz  
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