Review Questions from Lectures

Review Questions from Lectures - Chapters 1-3 Questions...

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Chapters 1-3 Questions From Lectures Dr. Ron Lazer Many organizations have contributed to the process of creating and/or using generally accepted accounting principles. Which of the following organizations has the primary responsibility today for formulating accounting standards? 1. FASB (financial accounting standards board) 2. APB (accounting principles board) 3. AICPA (American institute of certified public accountants 4. AAA (American Accounting Association) Bill Rogers is the CEO of InfoSys, Inc. The company’s bank account is used for both company business and his personal expenses. Which of the following concepts or principles of accounting is being violated? 1. reliability concept 2. entity concept 3. historical cost principle 4. going-concern concept Which of the following items are included on the income statement? 1. expenses 2. dividends 3. both of the above are on the income statement 4. neither of the above are on the income statement
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Land was originally purchased for $20,000. It is sold for $65,000 in cash. How does the sale affect the accounting equation? 1. assets increase $65,000; liabilities decrease $20,000; stockholder equity increases $45,000 2. assets increase $20,000; no change for liabilities; stockholder equity increases $55,000
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Review Questions from Lectures - Chapters 1-3 Questions...

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