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Accounting 311 ch1-3fall 04 - Accounting 311 Test Chapters...

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Accounting 311 Test: Chapters 1 - 3 Fall 2004 A. Smith Name_____________________________ Multiple Choice. Write the letter of the best answer. 3 points each. ____ 1. The dominant form of business organization in the United States, in terms of the dollar amount of investment, is the: a) Proprietorship. b) Partnership. c) Co-op. d) Corporation ____ 2. Financial accounting is primarily concerned with reporting to: Management External Users ____ 3. Adjusting entries are primarily needed for: ____ 4. The conceptual framework's qualitative characteristic of relevance includes: ____ 5. An example of a contra-account is: a) Depreciation expense. b) Cost of goods sold. c) Comprehensive income. d) Accumulated depreciation.
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Acct 311 Test Chapts. 1 - 3 ____ 6. Land was acquired in 2004 for a building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a qualified appraiser placed its value at $48,000. $7,500 had to be spent to grade the land, tear down an old shack, and otherwise prepare the land for use. The land should be reported in the financial statements at: ____ 7. Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept demonstrated is:
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