5670-usf-prof-cainas-acg-exam-1-review.pdf

5670-usf-prof-cainas-acg-exam-1-review.pdf - USF PRINCIPLES...

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www.clutchprep.com USF - PRINCIPLES OF FINANCIAL ACCOUNTING - PROF. CAINAS USF PROF. CAINAS ACG EXAM 1 REVIEW* * This review was not prepared by your professor or school and is neither approved nor endorsed by your college or university 1
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USF - PRINCIPLES OF FINANCIAL ACCOUNTING - PROF. CAINAS USF PROF. CAINAS ACG EXAM 1 REVIEW* PRACTICE: Which organization has primary responsibility for developing United States generally accepted accounting principles (GAAP)? A) American Institute of Certified Public Accountants (AICPA) B) Financial Accounting Standards Board (FASB) C) Securities and Exchange Commission (SEC) D) Internal Revenue Service (IRS) PRACTICE: The accounting standards and concepts used in the preparation of financial statements are called: a. Certified principles of accounting (CPA). b. Generally accepted accounting principles (GAAP) c. Financial accounting standards and boundaries (FASB). d. Standards enforcing consistency (SEC). PRACTICE: According to the FASB, the primary objective of financial reporting is to provide information: A) to the Securities and Exchange Commission B) regarding the assets and liabilities of a business C) useful for making investing and lending decisions D) regarding the revenues and expenses of a business * This review was not prepared by your professor or school and is neither approved nor endorsed by your college or university 2
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USF - PRINCIPLES OF FINANCIAL ACCOUNTING - PROF. CAINAS USF PROF. CAINAS ACG EXAM 1 REVIEW* PRACTICE: Which of the following is a benefit of the corporate form of business? A) raising large amounts of capital is easier B) ownership interests are easily transferred C) limited liability of the owners (stockholders) D) all of the above ˂ PRACTICE: Although income is earned continuously, companies measure income for a specific period of time. Accountants refer to this practice as: A) unit of measure assumption. B) time period assumption. C) matching principle. D) continuity assumption. PRACTICE: The business entity concept means that: A) the business entity is considered a separate entity apart from the owner or owners B) the business entity is organized according to the rules determined by the IRS C) the business entity is organized according to the rules determined by the FASB D) the owner of the business entity and the business entity are treated the same from a legal and accounting viewpoint * This review was not prepared by your professor or school and is neither approved nor endorsed by your college or university 3
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USF - PRINCIPLES OF FINANCIAL ACCOUNTING - PROF. CAINAS USF PROF. CAINAS ACG EXAM 1 REVIEW* PRACTICE: 1/1/12 – Total assets = $150,000. 12/31/12 – Total assets = $200,000; 1/1/12 – Total Stockholders’ Equity = $100,000. 12/31/12 – Total Stockholders’ Equity = $125,000. Amount of change and direction for liabilities at 12/31/12?
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