acc 307 homework questions - Homework Questions Ch.1 -The...

This preview shows page 1 - 3 out of 6 pages.

Homework QuestionsCh.1-The primary function of financial accounting is to provide relevant financial information to parties
-Under federal securities laws, the SEC has the authority to set accounting standards in the United
-The primary focus for financial accounting information is to provide information useful for: Option a-investing decisions and credit decisions.
-The FASB issues accounting standards in the form of: Accounting Standards Updates-The FASB's standard-setting process includes, in the correct order: Research, discussion paper, exposuredraft, Accounting Standards Update.-When a registrant company submits its annual filing to the SEC, it uses: Form 10-K.-Phase A of the new conceptual framework focuses on: Objective and qualitative characteristics.-Enhancing qualitative characteristics of accounting information include each of the following except:
-An important argument in support of historical cost information is: Verifiability.
Ch. 2
-The adjusted trial balance contains only permanent accounts. FALSE.-XYZ Corp. receives $100,000 from investors for issuing them shares of its stock. XYZ's journal entry torecord this would include a: credit to capital stock.-Incurring an expense for advertising on account would be recorded by: debiting an expense.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 6 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
MarieMain

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture