review test 1 - View Attempt 1 of 4 Title Started Submitted...

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View Attempt 1 of 4  Title: Review Exam Started: February 14, 2008 10:31 PM Submitted: February 15, 2008 12:18 AM Time spent: 01:46:12  Total score: 33/40 = 82.5%   Total score adjusted by 0.0  Maximum possible  score: 40  1.      Generally Accepted Accounting Principles include: 1) FASB Technical  Bulletins, 2) APB Opinions, and 3) Widely-accepted industry practices. These  three items rank from most authoritative to least authoritative as follows:     Student Response Correct  Answer a.  1,2,3    b.  1, 3, 2    c. 2, 1, 3    d.  2, 3, 1         2.   
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  The information provided by financial reporting pertains to:     Student Response Correct  Answer a.  individual business enterprises, rather than to  industries or an economy as a whole or to members  of society as consumers.    b.  business industries, rather than to individual  enterprises or an economy as a whole or to  members of society as consumers.    c.  individual business enterprises, industries, and an  economy as a whole, rather than to members of  society as consumers.    d. an economy as a whole and to members of society  as consumers, rather than to individual enterprises  or industries.         3.      The body that has the power to prescribe the accounting practices and  standards to be employed by companies that fall under its jurisdiction is the:     Student Response Correct  Answer a. FASB.    b.  AICPA.    c.  SEC.    d.  APB.         4.   
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  Accounting information is considered to be relevant when it:     Student Response Correct  Answer a.  can be depended on to represent the economic  conditions and events that it is intended to  represent.    b. is capable of making a difference in a decision.    c.  is understandable by reasonably informed users of  accounting information.    d.  is verifiable and neutral.         5.      During the lifetime of an entity, accountants produce financial statements at  arbitrary points in time in accordance with which basic accounting concept?     Student Response Correct  Answer a.  Cost/benefit constraint    b. Periodicity assumption    c.  Conservatism constraint    d.  Matching principle         6.   
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  Which of the following elements of financial statements is not a component of  comprehensive income?     Student Response Correct  Answer a.  Revenues    b. Distributions to owners    c.  Losses    d.  Expenses         7.   
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This test prep was uploaded on 04/22/2008 for the course ACCT intermedia taught by Professor Acct during the Spring '08 term at University of Houston.

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review test 1 - View Attempt 1 of 4 Title Started Submitted...

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