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Intermediate Accounting - 1(TCO A Which of the following...

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1. (TCO A) Which of the following statements is not an objective of financial reporting? (Points: 5) Provide information that is useful in investment and credit decisions. Provide information about enterprise resources, claims to those resources, and changes to them. Provide the liquidation value of a company. Provide information that is useful in assessing cash flow prospects. 2. (TCO A) The Financial Accounting Standards Board employs a "due process" system which (Points: 5) has all CPAs in the United States vote on a new Statement. enables interested parties to express their views on issues under consideration. identifies the accounting issues that are the most important. requires that all accountants receive a copy of financial standards. 3. (TCO A) The cash method of accounting: (Points: 5) is used by most publicly-traded corporations for financial statement purposes. is not in accordance with the matching principle for most publicly-traded corporations. is often used on the income statement by large, publicly-held companies. All of the above is true. 4. (TCO A) Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information? (Points: 5) Consistency Verifiability Timeliness Comparability 5. (TCO A) Which of the following is an ingredient of relevance? (Points: 5) Verifiability Representational faithfulness Neutrality Timeliness 6. (TCO A) The elements of financial statements include investments by owners. These are increases in an entity's net assets resulting from owners" (Points: 5) transfers of assets to the entity. rendering services to the entity. satisfaction of the liabilities of the entity. all of the above.
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7. (TCO A) Which of the following elements of financial statements is not a component of comprehensive income?
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