Principles of Accounting I.docx - St. Mary’s University...

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St. Mary’s UniversityCollege of Open and Distance LearningPrinciples of Accounting IComprehensive Exercise IPoint: 60%Name: ___________________________ID. No.___________________________Department: ______________________Term: ___________________________Center: __________________________Program: DegreeInstructions:Make Sure that this Comprehensive Exercise I Paper has 5 PagesThis comprehensive exercise–I is to be completed and submitted to theoffice of your center.If you have any question please write on a separate sheet and attach tothis comprehensive exercise-I.Due Date: this comprehensive exercise-I must be done independently,and submitted to the office of your center within 15 days.Part I: True or False(1 pt. each)Write ‘True’ if the statement is correct and ‘False’ if it is incorrect on the space provided.___________1.During FOB destination term of agreement, the buyer acquires an ownershipover the goods in transit.___________2.Adjusting entries are required to update the accounts before financial statementsare prepared.___________3.Withdrawals made by the owner of a business increase the company’s asset.___________4.A deferral is the delay of the recognition of an expense already paid or therevenue already received.___________5.In a sole proprietorship form of business, ownership is completely separatedfrom the management of the business.___________6. The adequate assignment of responsibility strengthens the internal controlstructure of the organizations.___________7.An income statement is prepared either in report form or in an account form.___________8.Statement of cash flows does not present the cash inflows and cash out flows fora given period of time.___________9.Book keeping provides much of the data required in the process of accounting.

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Term
Fall
Professor
NoProfessor
Tags
Balance Sheet, Income Statement, Generally Accepted Accounting Principles, St Mary s University

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