quiz 1 - Question 1 0 out of 0.5 points In the hierarchy of...

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0 out of 0.5 points In the hierarchy of Generally Accepted Accounting Principles for nongovernmental entities, which of the following is considered GAAP? Answer Selected Answer: AICPA Statements of Position. Correct Answer: APB Opinions. Question 2 0.5 out of 0.5 points According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of Answer Selected Answer: Materiality. Correct Answer: Materiality. Question 3 0.5 out of 0.5 points Which of the following accounting concepts states efforts be matched with accomplishment whenever it is reasonable and practicable to do so? Answer Selected Answer: Matching. Correct Answer: Matching. Question 4 0.5 out of 0.5 points What is the underlying concept governing the generally accepted accounting principle regarding recording loss contigencies while not recording gain contingencies? Answer
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This note was uploaded on 10/19/2010 for the course ACCOUNTING Finance 23 taught by Professor Bob during the Winter '10 term at Wayne State University.

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quiz 1 - Question 1 0 out of 0.5 points In the hierarchy of...

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