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

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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.
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________________________________________ 6. The write-off of an account that has been judged to be uncollectible will not affect the net
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This note was uploaded on 06/20/2011 for the course ECON 123 taught by Professor Mrews during the Spring '11 term at Korea Advanced Institute of Science and Technology.

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

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