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Quiz 1 - 1 StudentResponse Value CorrectAnswer Feedback A B...

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1.   Which of the following statements is  not  an objective of financial reporting?    Student Response Value Correct Answer Feedback A.  Provide information that is useful in investment and credit decisions.      B.  Provide information about enterprise resources, claims to those resources, and changes to them.      C.  Provide information on the liquidation value of an enterprise. 100%       D.  Provide information that is useful in assessing cash flow prospects.         Score: 1/1 
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  2.   Accrual accounting is used because    Student Response Value Correct Answer Feedback cash flows are considered less important.      it provides a better indication of ability to generate cash flows than the cash basis. 100%       it recognizes revenues when cash is received and expenses when cash is paid.           Score:
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1/1   
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