Chapter 1 Quiz - SubmittedbyTran,Khoa(KHOTRAN1)on8:13:32PM...

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Submitted by Tran, Khoa (KHOTRAN1) on 1/26/2012 8:13:32 PM Points Awarded 10.00 Points Missed 0.00 Percentage 100% 1.  Financial statements in the early 2000s provide information related to A) nonfinancial measurements.  B) forward-looking data.  C) hard assets (inventory and plant assets).  D) none of these.  Points  Earned:  1.0/1.0  Correct Answer(s): C 2.  Which perspective is adopted as part of the objective of general-purpose financial reporting? A) Decision-usefulness perspective.  B) Proprietary perspective.  C) Entity perspective.  D) Financial reporting perspective.  Points  Earned:  1.0/1.0  Correct Answer(s): C 3.  Which of the following is a general limitation of "general purpose financial statements"? A) General purpose financial statements may not be the most informative for a specific enterprise.  B) General purpose financial statements are comparable.  C) General purpose financial statements are assumed to present fairly the company's financial operations.  D) None of the above.  Points  Earned:  1.0/1.0  Correct Answer(s): A
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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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Chapter 1 Quiz - SubmittedbyTran,Khoa(KHOTRAN1)on8:13:32PM...

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