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1) Discuss how accrual accounting enhances the usefulness of financial statements.
2) A ______________________ incurs costs without directly generating revenues.
3) When a partner invests in a partnership, his/her capital account is __________ for the
invested amount.
4) In process costing, factory overhead incurred does not usually equal that applied,
which yields either ____________________ or ___________________ overhead.
5) A parcel of land is offered for sale at $600,000, is assessed for tax purposes at
$500,000, is recognized by its purchasers as easily being worth $575,000, and is sold
for $570,000. At what amount should the land be recorded in the purchaser's books?
What accounting principle supports your answer?
6) An overstated beginning inventory will ______________ cost of goods sold and
_____________ net income.
7) Vacation benefits are a type of _______________ liability.
8) A company's sales in Year 1 were $280,000, and its sales in Year 2 were $341,600.
Using Year 1 as the base year, what is the sales trend percent for Year 2?
