ACCT 2401 -...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Submitted by Batiste, Le'fiena (lebatiste) on 2/9/2010 10:46:30 PM Points Awarded 65.00 Points Missed 35.00 Percentage 65.0% 1.  Financial accounting is the process of identifying, measuring, analyzing, and communicating financial  information needed by management to plan, evaluate, and control an organization's operations.  A) True B) False Points Earned:  5.0/5.0  Correct Answer(s): False 2.  Users of the financial information provided by a company use that information to make capital allocation  decisions.  A) True B) False Points Earned:  5.0/5.0  Correct Answer(s): True 3.  Financial Accounting Concepts set forth fundamental objectives and concepts that are used in developing  future standards of financial accounting and reporting.  A) True B) False Points Earned:  5.0/5.0 
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Correct Answer(s): True 4.  Currently, both U.S. GAAP and the International Financial Reporting Standards are acceptable for international  use.  A) True B) False Points Earned:  5.0/5.0  Correct Answer(s): True 5.  Accounting principles are "generally accepted" only when  A) an authoritative accounting rule-making body has established it in an official pro-nouncement.  B) it has been accepted as appropriate because of its universal application.  C) both a and b.  D) neither a nor b.  Points Earned:  0.0/5.0  Correct Answer(s): C 6.  Members of the Financial Accounting Standards Board are 
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/21/2010 for the course ACCT 2401 taught by Professor Riddles during the Spring '10 term at San Jacinto.

Page1 / 7

ACCT 2401 -...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online