ACCT 251 Quiz 2 - ACCT 251 Intermediate Accounting I...

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ACCT 251 Intermediate Accounting I Chapter 2 Quiz Name___________________________________ 1. The overriding criterion by which accounting information can be judged is that of a. usefulness for decision making. b. freedom from bias. c. timeliness. d. comparability. 2. The quality of information that gives assurance that it is reasonably free of error and bias and is a faithful representation is a. relevance. b. reliability. c. verifiability. d. neutrality. 3. Information is neutral if it a. provides benefits which are at least equal to the costs of its preparation. b. can be compared with similar information about an enterprise at other points in time. c. would have no impact on a decision maker. d. is free from bias toward a predetermined result. 4. According to Statement of Financial Accounting Concepts No. 2, predictive value is an ingredient of the primary quality of Relevance Reliability a. Yes No b. Yes Yes c. No No d. No Yes 5. A decrease in net assets arising from peripheral or incidental transactions is called a(n) a. capital expenditure.
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This note was uploaded on 11/04/2009 for the course ACCTG 251 taught by Professor Gillick during the Spring '09 term at University of Washington.

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ACCT 251 Quiz 2 - ACCT 251 Intermediate Accounting I...

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