3 - Submitted by Clark John(jclark22-CAY on 23:48:18 Points...

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Submitted by Clark, John (jclark22-CAY) on 06/02/2011 23:48:18 Points Awarded 8.00 Points Missed 2.00 Percentage 80.0% 1. Since companies fir it desirable and necessary to report the results of their activities frequently, the time period assumption assumes that the economic life of a business can be divided into artificial time periods A) True B) False Points Earned: 1.0/1.0 Correct Answer(s): True 2. The revenue recognition principle dictates that companies recognize revenue in the period in which it was received rather than when it was earned A) True B) False Points Earned: 1.0/1.0 Correct Answer(s): False 3. Monthly and quarterly time periods are commonly referred to as fiscal periods A) True B) False Points Earned: 1.0/1.0 Correct Answer(s): False
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4. Payments of expenses that will benefit more than one accounting period are referred to as prepaid expenses A) True B) False Points Earned: 1.0/1.0 Correct Answer(s): True 5. Cost less accumulated depreciation is a measurement of the current value of an asset such as
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3 - Submitted by Clark John(jclark22-CAY on 23:48:18 Points...

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