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Changing the method of inventory valuation should be reported in the financial statements under what  qualitative characteristic of accounting information?  A) Consistency.  B) Verifiability.  C) Timeliness.  D) Comparability.  13.   According to the FASB conceptual framework, which of the following elements describes transactions or events  that affect a company during a period of time?  A) Assets.  B) Expenses.  C) Equity.  D) Liabilities.  14.   Which of the following is not a basic element of financial statements?  A) Assets.  B) Balance sheet.  C) Losses.  D) Revenue.  15.   Which of the following basic elements of financial statements is more associated with the balance sheet than  the income statement? 
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B) Revenue.  C) Gains.  D) Expenses.  16.   Which basic assumption is illustrated when a firm reports financial results on an annual basis?  A) Economic entity assumption.  B) Going concern assumption.  C) Periodicity assumption.  D) Monetary unit assumption.  17.   Valuing assets at their liquidation values rather than their cost is inconsistent with the  A) periodicity assumption.  B) expense recognition principle.  C) materiality constraint.  D) historical cost principle.  18.   When is revenue generally recognized?  A) When cash is received. 
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This note was uploaded on 02/15/2012 for the course ACCT 2402 taught by Professor Lewis during the Spring '10 term at Lone Star College System.

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