Practice Quiz 1 Multiple Choice and Word Problem

Practice Quiz 1 Multiple Choice and Word Problem - ACCT...

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ACCT 1201 Financial Accounting – Spring 2014 Quiz 1 and 2 (combined) Version A Professor Devon Erickson STUDENT NAME: __________________________________________ STUDENT SECTION (circle one): 8:00 AM 9:15 AM 1:35 PM 1
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Multiple Choice (15 points) TOTAL SCORE: ______ 1. Which of the following describes the primary objective of financial accounting? a. To provide managers with useful information about the performance of their firm b. To provide investors, creditors, and other external decision makers with useful information to assist them in making resource allocation (investment) decisions c. To provide standards boards, such as the SEC, with useful information to investigate fraud and other malfeasance d. To drive students to the brink of insanity by forcing them to learn a series of rules and procedures at an extremely fast pace e. None of the above describes the primary objective of financial accounting ______ 2. Which of the following is not one of the criteria for revenue recognition: ______ 3. The financial statement that best shows the financial position of a firm (at a given moment) is the: _____ 4. Which of the following best describes the continuity (going-concern) assumption of financial accounting? 2
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______
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