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ACCT 251 Quiz 1 - ACCT 251 Intermediate Accounting I...

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Unformatted text preview: ACCT 251 Intermediate Accounting I Chapter 1 Quiz Name__________________________ 1. Financial statements in the early 2000s provide information related to a. nonfinancial measurements. b. forward-looking data. c. hard assets (inventory and plant assets). d. none of these. 2. Accrual accounting is used because a. cash flows are considered less important. b. it provides a better indication of ability to generate cash flows than the cash basis. c. it recognizes revenues when cash is received and expenses when cash is paid. d. none of the above. 3. Which of the following organizations has been responsible for setting U.S. accounting standards? a. Accounting Principles Board. b. Committee on Accounting Procedure. c. Financial Accounting Standards Board....
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ACCT 251 Quiz 1 - ACCT 251 Intermediate Accounting I...

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