KEY1WED1ASp11 - EXAM A I Matching(20 Points A Asset B...

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EXAM A I. Matching (20 Points) A. Asset L. IASB B. Comparability M. Liability C. Consistency N. Matching principle D. Cost benefit constraint O. Materiality constraint E. Economic entity assumption P, Monetary unit assumption F. Expense Q. Periodicity assumption G. Faithful representation (Reliability) R. Relevance H. FASB S. Revenue I. Full disclosure principle T. Revenue recognition principle J. Going concern assumption U. SEC K. Historical cost principle V. Stockholders’ Equity Required: Put the letter of the correct term for each of the definitions listed below. Do not use any letter more than once. __O____1. The constraint that allows a company to expense light bulbs with a four year life rather than capitalizing them over four years. ___G___2 The qualitative characteristic that suggests that there is agreement between the measure or description of a phenomenon and what it purports to represent. ___J___ 3. The assumption that the entity will continue indefinitely so liquidation values are irrelevant ___B___4. The secondary qualitative characteristic that makes it easier for an investor to make an investment decision between two companies because both companies use the same accounting methods. ___M___5. Economic obligations of a company that require future sacrifices. __ L____6 The private sector agency that sets international accounting standards. __ I____7. The principle that requires a company to report all relevant information to investors. ___N___ 8. The principle that suggests there is an implicit cause/effect relationship between revenues and expenses. ___U___ 9. The public sector agency that Congress has given the authority to set accounting standards in the United States ___E___ 10. The assumption that the enterprise is separate from its owners and other entities 1
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EXAM A II. Balance Sheet Classifications and Disclosure (14 Points) PART A Balance Sheet Classifications (10 Points) Column #1 . Classify each of the accounts below as a(n) Current Asset (CA) Intangible assets (INT) Not a Balance Sheet Item (X) Contra Asset (CONT) Investments (INV) Current Liability (CL) Non current liability (NCL) Stockholders Equity (SE) Column #2 . Indicate the normal balance of each account No partial credit will be given, the classification and normal balance must be correct to receive credit. #1
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KEY1WED1ASp11 - EXAM A I Matching(20 Points A Asset B...

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