Professional Documents
Culture Documents
Financial Reporting and Analysis 6th Edition Revsine Test Bank
Financial Reporting and Analysis 6th Edition Revsine Test Bank
[QUESTION]
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written
consent of McGraw-Hill Education.
5. Cash-basis accounting provides the most useful measure of future operating
performance.
Ans: False
LO: 1
Difficulty: Medium
AACSB: Reflective thinking
AICPA FN: Measurement
Bloom’s: Comprehension
[QUESTION]
6. Accrual accounting can produce large discrepancies between the firm’s reported profit
performance and the amount of cash generated from operations.
Ans: True
LO: 1
Difficulty: Medium
AACSB: Reflective thinking
AICPA FN: Measurement
Bloom’s: Comprehension
[QUESTION]
7. The principles that govern revenue and expense recognition under accrual accounting
are designed to alleviate the mismatching problems that exist under cash-basis
accounting.
Ans: True
LO: 1
Difficulty: Medium
AACSB: Reflective thinking
AICPA FN: Measurement
Bloom’s: Comprehension
[QUESTION]
8. Reported accrual accounting net income for a period always provides an accurate
picture of underlying economic performance.
Ans: False
LO: 1
Difficulty: Medium
AACSB: Reflective thinking
AICPA FN: Measurement
Bloom’s: Comprehension
[QUESTION]
9. Revenue is earned when the seller substantially completes performance required by an
agreement.
Ans: True
LO: 2
Difficulty: Medium
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written
consent of McGraw-Hill Education.
AACSB: Reflective thinking
AICPA FN: Measurement
Bloom’s: Knowledge
[QUESTION]
10. The activities comprising the operating cycle are generally consistent across firms.
Ans: False
LO: 2
Difficulty: Medium
AACSB: Reflective thinking
AICPA BB: Critical Thinking
Bloom’s: Comprehension
[QUESTION]
11. Since net income is earned as a result of complex, multiple-stage processes, the key
issue in net income determination is the timing of net income recognition.
Ans: True
LO: 2
Difficulty: Medium
AACSB: Reflective thinking
AICPA FN: Measurement
Bloom’s: Comprehension
[QUESTION]
12. According to generally accepted accounting principles, revenue should be recognized
at the earliest time that both (1) the “critical event” has taken place, and (2) the proceeds
have been collected.
Ans: False
LO: 2
Difficulty: Medium
AACSB: Reflective thinking
AICPA FN: Measurement
Bloom’s: Knowledge
[QUESTION]
13. GAAP specifies three conditions that must be satisfied in order for revenue to be
appropriately recognized.
Ans: False
LO: 2
Difficulty: Medium
AACSB: Reflective thinking
AICPA FN: Measurement
Bloom’s: Knowledge
[QUESTION]
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written
consent of McGraw-Hill Education.
14. “Book value” refers to the amount at which an account is carried in the company’s
accounting records as opposed to “carrying amount” which refers to the amount at which
an account is reported in the company’s financial statements.
Ans: False
LO: 2
Difficulty: Medium
AACSB: Reflective thinking
AICPA FN: Measurement
Bloom’s: Knowledge
[QUESTION]
15. Net asset valuation and net income determination are inextricably intertwined.
Ans: True
LO: 2
Difficulty: Medium
AACSB: Analytic
AICPA FN: Measurement
Bloom’s: Comprehension
[QUESTION]
16. A ship building company is likely to recognize revenue at the completion of
production.
Ans: False
LO: 2
Difficulty: Medium
AACSB: Reflective thinking
AICPA FN: Measurement
Bloom’s: Comprehension
[QUESTION]
17. While the earnings process is the result of many separate activities, it is generally
acknowledged that there is usually one critical event or key stage considered to be
absolutely essential to the ultimate increase in net asset value of the firm.
Ans: True
LO: 2
Difficulty: Medium
AACSB: Reflective thinking
AICPA FN: Measurement
Bloom’s: Comprehension
[QUESTION]
18. In order to recognize revenue, it must be possible to measure the amount of revenue
that has been earned with a reasonable degree of assurance.
Ans: True
LO: 2
Difficulty: Medium
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written
consent of McGraw-Hill Education.
Another random document with
no related content on Scribd:
The Project Gutenberg eBook of The narrative of
a journey undertaken in the years 1819, 1820 and
1821 through France, Italy, Savoy, Switzerland,
parts of Germany bordering on the Rhine,
Holland and the Netherlands
This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this ebook or online at www.gutenberg.org. If you
are not located in the United States, you will have to check the
laws of the country where you are located before using this
eBook.
Language: English
THE
Narrative
OF
A JOURNEY,
UNDERTAKEN
INCIDENTS
THAT OCCURRED TO THE AUTHOR, WHO HAS LONG SUFFERED UNDER A
FOURTH EDITION.
LONDON:
PUBLISHED BY G. B. WHITTAKER, AVE MARIA LANE.
1825.
THE
Dedication.
TO
PRINCESS AUGUSTA.
Madam,
The kind manner in which this honour has been conferred, cannot
fail to increase the value of the boon, and strengthen the ties of
gratitude by which I felt bound to your Royal Highness, for the
flattering notice, and important favours, you had previously been
pleased to bestow upon me.
Madam,
Your Royal Highness’s
JAMES HOLMAN.
PREFACE.
The very peculiar circumstances under which the Author professes
to obtrude the present volume upon public notice, appear to require
some explanation, were it only to obviate suspicions which might
arise, that the general detail of circumstances which it comprises,
has been the production of an active imagination, rather than a
relation of the occurrences of real life; for he is fully aware, that such
a construction might be put upon the apparent anomaly of the travels
of one, whose loss of sight, a source of information naturally
considered indispensable in such an undertaking, must greatly limit
his power of acquiring the legitimate materials, necessary to give his
work body and consistency.
In the year 1819, his health having for some time suffered from
causes which it is unnecessary to mention, the Author became
assured that nothing would tend more to re-establish it, than a visit to
the highly favoured clime of the southern parts of Europe: while at
the same time, and which was, perhaps, paramount to all other
considerations, he would be gratifying his desire of obtaining
information; he therefore, with this double view, determined to
undertake the journey which forms the subject of the present pages;
—and is happy to say, that in neither of these objects has he met
with disappointment.
CHAP. I.
DEPARTURE FROM ENGLAND, AND JOURNEY
TO PARIS.
In the morning I arose early, and inhaled the fresh breeze upon the
pier, a wooden structure, which extends itself for a considerable
distance into the sea. At the extremity near the town, is a pillar,
erected by the loyal people of Calais, in commemoration of the
landing of Louis xviii. immediately after the first subjection of
Napoleon, and near to it a brass plate, with the figure of a foot cast in
it, fixed upon the very spot where this monarch first trod the French
ground, after so long an absence from his affectionate subjects.
The usual hour for the departure of the diligence was ten o’clock;
but we anticipated this time, and set out at half-past nine, in
consequence of its being a fête day, when the gates of the town are
closed from ten till noon, during the performance of high mass.
On the morning after my entrance into this family, I rang the bell of
my bed-chamber, and requested a French servant to bring me hot
water; in answer to this he replied, “toute a l’heure,” with the
meaning of which I was at the time totally ignorant: after waiting a
quarter of an hour, I rang again, and received the same reply, “toute
a l’heure,” but with no better result: I again repeated my application,
it was still “toute a l’heure:” at length, after, the lapse of an hour, he
brought the water. At breakfast, I took the opportunity of inquiring the
signification of this convenient expression, requesting to be
informed, whether it implied any specific time, when they told me it
meant “immediately.” I thought, however, in the present instance,
that the action did not suit the word.
LE PORTRAIT DE PARIS.