5 - University of Massachusetts Dartmouth Accounting 211...

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University of Massachusetts Dartmouth Accounting 211 – Principles of Accounting Chapter 5 Quiz – Due Monday, 10/27/08 Name: ______________________ True/False - Write “T” or “F” on the line provided. ____ 1. The users of accounting information are decision makers such as investors, creditors, and analysis experts who provide financial advice. ____ 2. The qualitative characteristic of reliability indicates that information is accurate, unbiased, and verifiable. ____ 3. One of the most important services provided by auditors is to make earnings forecasts for their clients. ____ 4. The full-disclosure principle requires a complete set of financial statements supported by notes to those statements. ____ 5. A form 10-Q is a brief unaudited report for a quarter normally containing a summary income statement and balance sheet. ____ 6. The materiality constraint holds that amounts that are of low significance need not be recorded nor reported. ____ 7. The conservatism constraint means that assets and revenues should not be overstated and that liabilities and expenses should not be understated. ____ 8. Merchandise inventory is classified as a current asset. ____ 9. Unusual or infrequent losses are generally reported as extraordinary items. ____10. Current liabilities are obligations of the company that are expected to be paid with current assets. ____ 11. When land is included in the category of property, plant and equipment, its acquisition cost should be depreciated over time to reflect its use (i.e., wear). ____ 12.
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This note was uploaded on 10/28/2010 for the course ACT 211 taught by Professor Sarzgowic during the Spring '10 term at UMass Dartmouth.

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5 - University of Massachusetts Dartmouth Accounting 211...

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