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Quiz

CH 1 - 301A

Orfa Cartagena 14 Fragen

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Fragen in diesem Quiz (14)

  1. 1What is the objective of financial reporting?
    1. AProvide information that clearly portrays nonfinancial transactions.
    2. BProvide information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors.
    3. CProvide information that excludes claims to the resources.
    4. DProvide information that is useful to management in making decisions.
  2. 2Primary users for general-purpose financial statements include each of the following except
    1. Acreditors.
    2. Bemployees.
    3. Csuppliers.
    4. Dinvestors.
  3. 3A common set of accounting standards and procedures is called
    1. Afinancial accounting standards.
    2. Bgenerally accepted accounting principles.
    3. Cobjectives of financial reporting.
    4. Dstatements of financial accounting concepts.
  4. 4Each of the following are true of the Securities and Exchange Commission except that
    1. Athe SEC’s involvement in the development of accounting standards varies.
    2. Bit is a federal agency.
    3. Cthe FASB relies on the SEC to develop accounting standards.
    4. Dthe SEC requires registrants to adhere to GAAP.
  5. 5.Bild zu Frage 5
    1. ANo ------- No
    2. BNo -------- Yes
    3. CYes ---------- Yes
    4. DYes ----------- No
  6. 6.Bild zu Frage 6
    1. ANo No
    2. BYes Yes
    3. CYes No
    4. DNo Yes
  7. 7The third level of the conceptual framework does not include
    1. Aelements.
    2. Bprinciples.
    3. Cconstraint.
    4. Dassumptions.
  8. 8The second level of the conceptual framework includes each of the following except
    1. Aprinciples.
    2. Belements.
    3. Cenhancing qualities.
    4. Dfundamental qualities.
  9. 9The cost constraint is also referred to as the
    1. Acost-benefit relationship.
    2. Bmateriality quality.
    3. Cmeasurement principle.
    4. Dmonetary unit assumption.
  10. 10Which of the following statements about materiality is correct?
    1. AAn item must make a difference or it need not be disclosed.
    2. BMateriality is a matter of relative size or importance.
    3. CAn item is material if its inclusion or omission would influence or change the judgment of a reasonable person.
    4. DAll of these answers are correct.

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Beschreibung
Quiz am CH 1 - 301A, erstellt von Orfa Cartagena am 05/10/2021.
Sprache
English
Aufrufe
2
Schlagwörter
accountant
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