assignment2 - INTERMEDIATE ACCOUNTING Assignment#2(CH1&CH3...

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Assignment #2 (CH1&CH3) Due date: Oct 6, 2009 (Tuesday) Student name: Student ID: Please write your answer in each blank 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 1. Which of the following statements is not an objective of financial reporting? a. Provide information that is useful in investment and credit decisions. b. Provide information about enterprise resources, claims to those resources, and changes to them. c. Provide information on the liquidation value of an enterprise. d. Provide information that is useful in assessing cash flow prospects. 2. Accrual accounting is used because a. cash flows are considered less important. b. it provides a better indication of ability to generate cash flows than the cash basis. c. it recognizes revenues when cash is received and expenses when cash is paid. d. none of the above. 3. Accounting principles are "generally accepted" only when a. an authoritative accounting rule-making body has established it in an official pronouncement. b. it has been accepted as appropriate because of its universal application. c. both a and b.
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assignment2 - INTERMEDIATE ACCOUNTING Assignment#2(CH1&CH3...

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