Examination 1

Examination 1 - Homework Manager - View My Grades -...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
View My Grades HOMEWORK MANAGER > STUDENTS > VIEW MY GRADES > ALL QUESTIONS Question 1: Score 2/2 Question 2: Score 0/2 Question 3: Score 2/2 Question 4: Score 2/2 Which accounts should be closed? Your Answer: Choice Selected A. Expenses and revenues. B. Dividends. C. Income summary. D. A, B and C. The concept of adequate disclosure: Your Answer: Choice Selected Grants users of the financial statements access to a company's accounting records. Selected Does not apply to information which is immaterial. Specifies which accounting methods must be used in a company's financial statements. Does not apply to events occurring after the balance sheet date. Which statement is true regarding the Income Statement? Your Answer: Choice Selected A. Losses do not appear on income statements. B. Dividends reduce net income. C. Both A and B are true. D. Both A and B are false. Which of the following is true? Page 1 of 18 Homework Manager - View My Grades - Financial Accounting ACCT 116A - Tuttle (Su. .. 7/12/2008 http://mh7.brownstone.net/modules/viewRecord.Login
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Score 2/2 Question 6: Score 0/2 Question 7: Score 2/2 Your Answer: Choice Selected Federal securities laws regarding the issuance of misleading financial statements apply not only to the independent auditors, but to management of the company as well. Attaining a passing score on the part of the Uniform CPA Examination that covers professional ethics is evidence of integrity and commitment to ethical conduct. A professional accountant should resign his position rather than become involved in the distribution of financial statements indicating insolvency. The existence of generally accepted accounting principles (GAAP) virtually eliminates the need for professional judgment except in very unusual circumstances. The way in which financial statements relate is known as: Your Answer: Choice Selected Solvency. Articulation. Entity. Objectivity. Investors and creditors are interested in the probability that their original investment or loan will eventually be returned, and that they will receive a reasonable return while their funds are invested or borrowed. These expectations are collectively referred to as: Your Answer: Choice Selected Expected profitability. The objectives of financial reporting. Financial position. Selected Cash flow prospects. Which of the following situations does not require an adjusting entry at the end of January? Your Answer: Choice Selected On January 1, Galaxie Company purchased delivery equipment with an estimated useful life of five years. On January 1, Galaxie Company paid rent for six months on its office building. Page 2 of 18 Homework Manager - View My Grades - Financial Accounting ACCT 116A - Tuttle (Su. .. 7/12/2008
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 18

Examination 1 - Homework Manager - View My Grades -...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online