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3101 Quiz-01 for student 2010 - Acctg3101/Lin Quiz Chap.01...

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Acctg3101/Lin Quiz Chap.01 Name: 1. An effective capital allocation process a. promotes productivity. b. encourages innovation. c. provides an efficient market for buying & selling securities. d. all of these 2. Accrual accounting is used because a . cash flows information is considered to be less useful. b. it provides a better indication of ability to generate cash flows than the cash basis. c. it recognizes revenues when cash is received and expenses when cash is paid. d. the Internal Revenue Services (IRS) requires its use by all businesses. 3. One objective of financial reporting is to provide 4. Accounting principles are "generally accepted" only when a. an authoritative accounting rule-making body has established it in an official pronouncement.
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