This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Which of the following is not a major challenge facing the accounting profession?- Nonfinancial measurements- Timeliness- ACCOUNTING FOR HARD ASSETS- Forward-looking information The objectives of financial reporting include all of the following except to provide information that:- IS USEFUL TO THE IRS IN ALLOCATING THE TAX BURDEN TO THE BUSINESS COMMUNITY- useful to those making investment and credit decisions- helpful is assessing future cash flows- identifies the economic resources (assets), the claims the those resources (liabilities), and the changes in those resources and claims. Failure to properly record an adjusting entry to record depreciation expense will result in an:- OVERSTATEMENT OF ASSETS AND OVERSTATEMENT OF OWNER’S EQUITY- understatement of assets and understatement of owner’s equity- overstatement of assets and an overstatement of liabilities- overstatement of liabilities and an understatement of owner’s equity How should an unusual event not meeting the criteria for an extraordinary item be...
View Full Document
- Fall '08
- Accounting, Net Income, Comprehensive income, Generally Accepted Accounting Principles