Ch1Quiz2 - SelfStudyCh02 Name:AlonaYavorski...

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Self Study Ch02 Name:   Alona Yavorski Attempt:   1 / Unlimited Out of:   20 Started:   January 26, 2009 1:43pm Finished:   January 26, 2009 2:32pm Time spent:   48 min. 46 sec. Question 1    (1 point) The historical cost principle applies even when a firm is not a going concern.  Student response: Percent Value Correct Response Student Response Answer Choices 0.0% a. True 100.0% b. False General feedback: If a firm is not a going concern liquidation values would be appropriate. Score: 1 / 1   Question 2    (1 point) There are no exceptions to the revenue recognition rule that revenue is only recognized at the time of sale.  Student response: Percent Value Correct Response Student Response Answer Choices 0.0% a. True 100.0% b. False General feedback: In certain circumstances revenue may be recognized during production, at the end of  production or after the sale once cash is received. Score: 1 / 1   Question 3    (1 point) The full disclosure principle requires that all information that is of sufficient importance to influence the judgment  and decisions of informed users be disclosed in the main body of the financial statements and in the notes to the  financial statements.  Student response: Percent Value Correct Response Student Response Answer Choices 0.0% a. True 100.0% b. False General feedback: Disclosure may also be accomplished through supplementary information. Score: 1 / 1   Question 4    (1 point)
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The pervasive criterion of accounting information is decision usefulness.  Student response: Percent Value Correct Response Student Response Answer Choices 100.0% a. True 0.0% b. False General feedback: All three of the objectives of financial reporting stress the importance of useful information. Score: 1 / 1   Question 5    (1 point) Information that has been measured and reported in a similar manner for different enterprises is considered  comparable.  Student response: Percent Value Correct Response Student Response
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Ch1Quiz2 - SelfStudyCh02 Name:AlonaYavorski...

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