{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

chap 2 - 1 Several organizations have developed codes of...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1. Several organizations have developed codes of ethics for accountants. Which of the following organizations did NOT develop a code of ethics for accountants? c. Securities Exchange Commission (SEC) _______________________________________ 2. Assets consumed through business operations are called: b. expenses. ________________________________________ 3. When a company earns revenue from sales to customers, the effects on the accounting equation may be: d. assets are increased, equities are increased. ________________________________________ 4. On September 1, 2005, Blackburn Corporation prepaid rent for a one-year period, debiting a prepaid rent account. If Blackburn fails to make an adjusting entry on December 31, 2005, the effects will be: a. overstatement of assets and understatement of expenses. ________________________________________ 5. Companies that sell stock on the stock exchanges are required to obtain an independent audit of their accounting system and records. This audit must be conducted by a: d. Certified Public Accountant.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
________________________________________ 6. The write-off of an account that has been judged to be uncollectible will not affect the net accounts receivable balance unless which of the following methods is used?
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}