Finaical Quiz 1 - Possible Answers A Acquisition cost...

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View Attempt 1 of 1 Title: CON462 SP08 Quiz 1 - Accounting Fundamentals Started: February 3, 2008 12:07 PM Submitted: February 3, 2008 12:15 PM Time spent: 00:08:53 Total score: 9/10 = 90% Total score adjusted by 0.0 Maximum possible score: 10 1. Selling assets for book value will Possible Answers A. Decrease net worth B. Increase net worth C. May either increase or decrease net worth. 2. As far as accounting is, a company's concerned employees are assets because they are the most important part of a business. 3. Which of the following is not a type of financial account? Possible Answers A. Assets B. Revenue C. Posting D. Profit 4. This is an acceptable date for a company balance sheet: January 1,2008 to December 31, 2008. 5.
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Assets are valued at Possible Answers A. Book value B. Market value C. Usable value D. Construction value 6. What GAAP principle operates under the belief that Revenue can be recorded when the sale takes place and there is a reasonable expectation of collecting the money involved in the sale?
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Unformatted text preview: Possible Answers A. Acquisition cost principle. B. Full disclosure principle. C. Revenue realization principle. D. Materiality principle. 7. What accounting basis deals with money that is earned or is owed? Possible Answers A. Cash basis B. Accrual basis C. Profit Basis D. Earned Basis 8. U.S. accounting principles are mandated by two organizations; the FASB and the IASB 9. An accounting system should recognize losses when they are ________, but recognize gains when they are ________ . Possible Answers A. Certain, foreseeable B. Foreseeable, certain C. Consistent, inconsistent D. Inconsistent, consistent 10. The balance sheet does not have to balance when? Possible Answers A. There is an error by the accountant B. When the companies profit margin is very high C. If the company reissues stock D. Never. The balance sheet must always balance © Bolivar A. Senior - Colorado State University Last printed 0/0/0000 0:00:00 AM - 3 page(s) total...
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