Final Exam

Final Exam - View Attempt...

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View Attempt 1 of 1 Title: Final Exam Started: July 29, 2010 7:21 PM Submitted: July 29, 2010 8:29 PM Time spent: 01:07:45 Total score: 84/160 = 52.5% Total score adjusted by 0.0 Maximum possible score: 160 1. The four major financial statements of a corporation consist of the Student Response Value Correct Answer Feedback A. income statement, balance sheet, statement of cash flows and statement of changes in stockholders' equity 100% B. balance sheet, statement of cash flows, statement of retained earnings, and income statement 0% C. income statement, statement of cash flows, statement of owners' equity, and balance sheet 0% D. statement of cash flows, balance sheet, income statement, and statement of capital equity 0% Score: 0/4 View Attempt http://webctap.gardner-webb.edu/webct/urw/lc8932374. .. 1 of 19 7/29/2010 8:31 PM
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Comments: 2. Which of the following documents includes all of the accounting standards? Student Response Value Correct Answer Feedback A. Regulation S-X 0% B. The FASB Conceptual Framework 0% C. Statements of Financial Accounting Standards 0% D. None of the above 100% Score: 0/4 Comments: 3. The organization that presently has the primary responsibility to establish generally accepted accounting principles that are applicable to the financial statements of entities in the private sector of the U.S. is the Student Response Value Correct Answer Feedback A. Accounting Principles Board 0% B. Securities and Exchange Commission 0% C. Financial Accounting Standards Board 100% D. Committee on Accounting Procedure 0% Score: 4/4 Comments: 4. The Securities and Exchange Commission has the legal authority to prescribe accounting principles and reporting practices for Student Value Correct Answer Feedback View Attempt http://webctap.gardner-webb.edu/webct/urw/lc8932374. .. 2 of 19 7/29/2010 8:31 PM
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Response A. all companies issuing publicly traded securities 100% B. all companies issuing any type of securities 0% C. all companies 0% D. all corporations 0% Score: 4/4 Comments: 5. Which of the following is a specific objective of financial reporting? Student Response Value Correct Answer Feedback A. provide information that is useful to investors in making investment decisions 0% B. provide information useful in assessing the amounts, timing, and uncertainty of prospective cash receipts 0% C. provide information useful in assessing the amounts, timing, and uncertainty of prospective cash inflows 0% View Attempt http://webctap.gardner-webb.edu/webct/urw/lc8932374. .. 3 of 19 7/29/2010 8:31 PM
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D. provide information about a company's economic resources, obligations, and owners' equity 100% Score: 4/4 Comments: 6. Under current GAAP, most resources of a business entity are to be valued in its financial statements at Student Response Value Correct Answer Feedback A. value that is most relevant to the needs of users of the financial statements 0% B. historical cost 100% C. the current cost of replacing the resource 0% D. current appraisal values 0% Score:
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Final Exam - View Attempt...

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