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Submitted by Batiste, Le'fiena (lebatiste) on 2/9/2010 10:12:11 PM Points Awarded 75.00 Points Missed 25.00 Percentage 75.0% 1.  While objectives for financial reporting exist on an informal basis, no formal objectives have been adopted.  A) True B) False Points Earned:  0.0/5.0  Correct Answer(s): False 2.  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  Correct Answer(s): True 3.  The financial statements most frequently provided include all of the following  except  the  A) balance sheet.  B) income statement.  C) statement of cash flows.  D) statement of retained earnings.  Points Earned:  5.0/5.0 
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Correct Answer(s): D 4.  The information provided by financial reporting pertains to  A) individual business enterprises, rather than to industries or an economy as a whole or to members of society  as consumers.  B) business industries, rather than to individual enterprises or an economy as a whole or to members of society  as consumers.  C) individual business enterprises, industries, and an economy as a whole, rather than to members of society  as consumers.  D) an economy as a whole and to members of society as consumers, rather than to individual enterprises or  industries.  Points Earned:  5.0/5.0  Correct Answer(s): A 5.  The process of identifying, measuring, analyzing, and communicating financial information needed by 
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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.

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2nd attempt -...

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