(ACC100 -Accountng) Wk 1 Chptr 1 Qz

(ACC100 -Accountng) Wk 1 Chptr 1 Qz - SHANNA HAWXHURST:...

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Grade for SHANNA HAWXHURST: Week 1 Quiz Numeric grade: 5.31/6.25 Letter grade: B Comments: (none) Close Window Autograde Summary These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken: 7/12/2008 4:48:59 PM Time Spent: 1:25:23 (12:00 allowed) Points Received: 34 / 40 (85%) Question Type: # Questions: # Correct: Multiple choice 40 34 Grade Details 1. Question: According to the FASB, the primary objective of financial reporting is to provide information _______. Your Answer: regarding the assets and liabilities of a business to the Securities and Exchange Commission useful for making investing and lending decisions CORRECT regarding the revenues and expenses of a business Points Received: 1 of 1 2. Question: The business entity concept means that _______. Your Answer: the business entity is organized according to the rules determined by the IRS the business entity is organized according to the rules determined by the FASB the owner of the business entity and the business entity are treated the same from a legal and accounting viewpoint the business entity is considered a separate entity apart from the owner or owners CORRECT Points Received: 1 of 1 3. Question: The principle that states that assets acquired by the business should be recorded at their exchange price is the _______. Your Answer: objectivity principle matching principle revenue recognition principle cost principle CORRECT Points Received: 1 of 1 4. Question: Earning revenue on account _______. Your Answer: increases assets CORRECT increases liabilities decreases owner's equity increases liabilities Points Received: 1 of 1 5. Question: The financial statement that presents a summary of the assets, liabilities, and owner's equity as of a specific date is the _______. Your Answer: statement of assets Page 1 of 10 SHANNA HAWXHURST: Week 1 Quiz 9/10/2008 ..
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balance sheet CORRECT statement of owner’s equity statement of cash flows Points Received: 1 of 1 6. Question: The statement that presents a summary of the revenues and expenses of an entity is called the _______. Your Answer: statement of cash flows statement of financial position balance sheet income statement CORRECT Points Received: 1 of 1 7. Question: The income statement presents a summary of the _______. Your Answer: revenues and expenses of an entity CORRECT cash inflows and outflows of an entity assets and liabilities of an entity changes that occurred in the owner’s equity of an entity Points Received: 1 of 1 8. Question: Which of the following financial statements reports owner's equity as of the end of the accounting
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This note was uploaded on 01/19/2012 for the course ACCOUNING ACC100 taught by Professor Rebecca during the Spring '11 term at Strayer.

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(ACC100 -Accountng) Wk 1 Chptr 1 Qz - SHANNA HAWXHURST:...

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