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Final Exam
Accounting I
Mrs. C. Castle – Instructor
Web Class
Spring 2013
April 26, 2013
Name________________________________________________
Directions: Please print your answers or write your answers legibly. Answers that require written explanation and are less than 300 words will be marked wrong. Answers that have to be transcribed will be marked wrong. These are directions and not suggestions!!!!!
1. How does a company identify the management issues related to current liabilities?
2. How does a company identify, compute, and record definitely determinable and estimated current liabilities?
3. Define long-term assets and explain the management issues a company may have as related to these assets.
4. How does a company distinguish between capital expenditures and revenue expenditures, and account for the cost of property, plant, and equipment?
5. How does a company account for the issuance of stock for cash and other assets?
6. How does a company account for treasury stock?
7. How would a company describe the features of a bond issue and the major characteristics of bonds?
8. How would a company amortize bond discounts and bond premiums using the straight-line and effective interest methods?
9. How would a company describe the principal purposes and uses of the statement of cash flows, and identify its components?
10. How would a company use the indirect method to determine cash flows from operating activities?
