ACCT2311 MIDTERM 2015 - ACCT 2311 MIDTERM NAME 1. entity a....

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ACCT 2311 NAME: ______________________ MIDTERM 1. Which of the following is  not  a transaction to be recorded in the accounting records of an  entity?  a. Investment of cash by the owners. b. Sale of product to customers. c. Receipt of a plaque recognizing the firm's encouragement of employee participation in the  United Way fund drive. d. Receipt of services from a "quick-print" shop in exchange for the promise to provide  advertising design services of equivalent value. 2. A fiscal year:    3. Current Generally Accepted Accounting Principles and auditing standards require the  financial statements of an entity for the reporting period to include:  4. Accumulated depreciation on a balance sheet:    5. The distinction between a current asset and other assets:  a. is based on how long the asset has been owned. b. is based on amounts that will be paid to other entities within a year. c. is based on the ability to determine the current fair market value of the asset. d. is based on when the asset is expected to be converted to cash, or used to benefit the entity   6. The purpose of the income statement is to show the: 
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