Quiz 1 - Quiz 1 September 8, 2008 1. Corporations...

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1 Quiz 1 September 8, 2008 1. Corporations communicate their financial information to shareholders primarily through a. publications in trade magazines b. financial statements c. information broadcasted nationally on CNN d. information published by NYSE’s financial analysts b (easy / LO: 2 / knowledge) 2. Which of the following transactions would not be recorded in a business’s accounting records? a. The purchase of merchandise on account b. The sale of the business’s common stock to an investor c. The bank reconciliation performed by the bookkeeper d. The purchase of merchandise for cash c (moderate / LO: 1 / comprehension) 3. Which of the following groups has primary responsibility for developing the GAAP? a. Governmental Accounting Board b. Financial Accounting Standards Board c. International Accounting Standards Board d. Securities and Exchange Commission b (easy / LO:1 / knowledge) 4. Which of the following expressions cannot be derived from the accounting equation? a.
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Quiz 1 - Quiz 1 September 8, 2008 1. Corporations...

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