Acc Quiz 1 - Acc 326 Spring 2008 Quiz#1 Name 1 KEY(30 total...

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Acc 326 Spring 2008 Quiz #1 1-22-2008 Name: KEY (30 total points) 1. Identify the three key objectives of financial reporting (3 points) a. To support investment and credit decisions b. To assess the amount, timing and uncertainties about future cash flows c. To provide information about the enterprise resources, claims to those resources and changes in them 2. List the Primary and Secondary Qualitative characteristics of Accounting Information Primary: Relevance: Predictive value, Feedback value and timeliness (2points) Reliability: Verifiability, Representational Faithfulness and Neutrality (2 points) Secondary: Consistency and Comparability (2 points) 3. List the four key accounting assumptions that underlie the financial statements. (Note: Accounting assumptions are not the same as accounting principles) (4 points) 1. Separate economic entity 2. going concern 3. Unit of measure 4. Time period or Periodicity 4. Identify three of the four key ethical responsibilities of accountants. (3 points) 1. Integrity 2. Objectivity 3.
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