ACC 311 Quiz 2 - ACC 311 Quiz#2 Name KEY(9:30 and 11:00...

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ACC 311 Name: KEY (9:30 and 11:00 Classes) Quiz #2 Thursday, 9/9/2010 Class Time: (9:30 and 11:00 Classes) Ch 2 Investing and Financing Decisions and the Balance Sheet A Indicate whether each of the following statements is True (T) or False (F) (10 @1.5 points each = 15 total points) 1. The four key accounting assumptions are (1) separate economic entity (2) going concern (3) time period or periodicity and (4) unit of measure. True 2. The International Accounting Standards Board currently sets accounting standards in the US False 3. The Securities and Exchange Commission is a government regulatory body charged with setting accounting standards for all corporations that do business in the US. False 4. Revenues are recognized when earned and realized or realizable. True 5. Assets can be classified as Current assets or Contributed capital False 6. Macy’s will classify a $500,000 loan from Wells Fargo as an investing cash inflow on Macy’s statement of cash flows. False
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This note was uploaded on 06/07/2011 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas.

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ACC 311 Quiz 2 - ACC 311 Quiz#2 Name KEY(9:30 and 11:00...

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