Intermediate Accounting I-qiuz 1

Intermediate Accounting I-qiuz 1 - Intermediate Accounting...

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Intermediate Accounting Quiz # 1 Group # Date: Student name: Career opportunities related to accounting and financial reporting includes a. public accounting b. financial analyst c. company accounting d. all of these choices What best describes the purpose of financial reporting? a. It provides information for internal users b. It provides 100% of the information required by decision makers. c. It contains no estimates d. provides financial information for users external to a business. The organization that is currently responsible for the establishment of U.S. accounting standards is: a) APB b) CAP c) FAF d) FASB The FASB defines 10 basic elements of financial reporting. The elements provide the building blocks of financial reporting. Which of these is not an element? a) comprehensive income b) distributions to owners c) losses d) net income The FASB conceptual framework are influenced by several underlying assumptions, the economic entity assumption is one of them. This assumption refers to: a) an entity's business is viewed as separate and distinct from its owners and other business units. b) it is assumed an entity has an indefinite and continuous life c) the entity's transactions are measured in stable monetary units (U.S. $'s). d) the life of a business is divided into specific accounting periods
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Intermediate Accounting I-qiuz 1 - Intermediate Accounting...

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