chapter7a - Chapter 7 1. Generally accepted accounting...

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Chapter 7 1. Generally accepted accounting principles are: A. a set of stan dard s and rules that are reco gniz ed as a gene ral guid e for finan cial repo rting . B. usua lly esta blish ed by the Inter nal Rev enue Serv ice. C. the guid eline s used to resol ve ethic al dile mma s.
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D. fund ame ntal truth s that can be deriv ed from the laws of natur e. 2. Which of the following is not an objective of financial reporting? A. Prov ide infor mati on that is usef ul in inve stme nt and credi t decis ions.
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B. Prov ide infor mati on abou t econ omic reso urce s, clai ms to thos e reso urce s, and chan ges in them . C. Prov ide infor mati on that is usef ul in asses sing futur e cash flow s.
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Prov ide infor mati on on the liqui datio n valu e of a busi ness. 3. The primary criterion by which accounting information can be judged is: A. cons isten cy. B. pred ictiv e valu e. C. decis ion- usef ulne ss. D.
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This note was uploaded on 01/27/2010 for the course MGT 011A taught by Professor Hancock,john during the Spring '07 term at UC Davis.

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chapter7a - Chapter 7 1. Generally accepted accounting...

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