Intermed_I_Midterm - AC 320 Intermediate Accounting I...

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AC 320 – Intermediate Accounting I Name________________________ Spring 2011 – Mid-Term Exam Score________________________ Instructions: Please complete the following problems. Problem #1 Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (Items a through k may be used more than once or not at all.) a. Economic entity assumption g. Matching principle b. Going concern assumption h. Full disclosure principle c. Monetary unit assumption i. Relevance characteristic d. Periodicity assumption j. Reliability characteristic e. Historical cost principle k. Consistency characteristic f. Revenue recognition principle _____ 1. Stable-dollar assumption (do not use historical cost principle). _____ 2. Earning process completed and realized or realizable. _____ 3. Presentation of error-free information with representational faithfulness. _____ 4. Yearly financial reports. _____ 5. Accruals and deferrals in adjusting and closing process. (Do not use going concern.) _____ 6. Useful standard measuring unit for business transactions. _____ 7. Notes as part of necessary information to a fair presentation. _____ 8. Affairs of the business distinguished from those of its owners. _____ 9.
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This note was uploaded on 02/28/2011 for the course ACCT 342 taught by Professor Malcom during the Spring '11 term at Metropolitan AZ.

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Intermed_I_Midterm - AC 320 Intermediate Accounting I...

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