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ACCT 304 Quiz 4 Solution

ACCT 304 Quiz 4 Solution
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ACCOUNTING

ACCT 304 Quiz 4

MULTIPLE CHOICE

1. On exercise 6-1, what is the future value in #1? (Points: 2)

2. On exercise 6-1, what is the future value in #3? (Points: 2)

3. On exercise 6-1, what is the future value in #4? (Points: 2)

4. On exercise 6-2, what is the present value in #1? (Points: 4)

5. On exercise 6-2, what is the present value in #2? (Points: 4)

6. On exercise 6-2, what is the present value in #4? (Points: 4)

7. On exercise 6-5, what is the future value of an ordinary annuity in #1? (Points: 4)

8. On exercise 6-5, what is the total amount in #3? (Points: 4)

9. On exercise 6-5, what is the future value in #4? (Points: 2)

10. On exercise 6-6, what is the present value in #1? (Points: 2)

11. On exercise 6-6, what is the present value in #2? (Points: 2)

12. In exercise 6-10, what is the present value of scenario 1 under #1? (Points: 2)

13. In exercise 6-10, what is the present value of scenario 2 under #1? (Points: 2)

14. In exercise 6-10, what is the present value of scenario 3 under #1? (Points: 2)

15. On exercise 5-1, requirement 1, would the following statement be true as to the recording of revenue during the ski season?

Statement: Alpine West should recognize revenue over the ski season on an anticipated usage basis, in this case equally throughout the season. The fact that the $450 price is nonrefundable is not relevant to the revenue recognition decision. Revenue should be recognized as it is earned, in this case as the services are provided during the ski season.(Points: 2)
True False

16. On exercise 5-1, requirement 2, what is the credit amount to unearned revenue? (Points: 2)

17. On exercise 5-1, requirement 2, what is the amount of the unearned revenue that would be debited for the period? (Points: 2)

18. On exercise 5-7, requirement 1, what is the amount of deferred gross profit recognition for 2009? (Points: 2)

19. On exercise 5-7, requirement 2, what is the amount of realized gross profit that will be recorded (Points: 2)

20. On exercise 5-7, requirement 2, what is the gross profit percentage used in the problem? (Points: 2)

 

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