TEST1 - Submitted by Tran, Khoa (KHOTRAN1) on 1/30/2012...

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Unformatted text preview: Submitted by Tran, Khoa (KHOTRAN1) on 1/30/2012 3:42:44 PM Points Awarded 22.00 Points Missed 8.00 Percentage 73.3% 1. The information provided by financial reporting pertains to A) individual business enterprises, rather than to industries or an economy as a whole or to members of society as consumers. B) business industries, rather than to individual enterprises or an economy as a whole or to members of society as consumers. C) individual business enterprises, industries, and an economy as a whole, rather than to members of society as consumers. D) an economy as a whole and to members of society as consumers, rather than to individual enterprises or industries. Points Earned: 1.0/1.0 Correct Answer(s): A 2. All the following are differences between financial and managerial accounting in how accounting information is used except to A) plan and control company's operations. B) decide whether to invest in the company. C) evaluate borrowing capacity to determine the extent of a loan to grant. D) All the above. Points Earned: 1.0/1.0 Correct Answer(s): D 3. 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 4. Which organization is responsible for issuing Emerging Issues Task Force Statements? A) FASB B) CAP C) APB D) SEC Points Earned: 1.0/1.0 Correct Answer(s): A 5. Companies that are listed on a stock exchange are required to submit their financial statements to the A) AICPA. B) APB C) FASB. D) SEC. Points Earned: 1.0/1.0 Correct Answer(s): D 6. The purpose of Statements of Financial Accounting Concepts is to A) establish GAAP. B) modify or extend the existing FASB Standards Statement. C) form a conceptual framework for solving existing and emerging problems. D) determine the need for FASB involvement in an emerging issue. Points Earned: 0.0/1.0 Correct Answer(s): C 7. Rule 203 of the Code of Professional Conduct addresses: A) ethical requirements. B) financial statements should be based on generally accepted accounting principles. C) advertising to obtained clients. D) auditing financial statements. Points Earned: 0.0/1.0 Correct Answer(s): B 8. Which of the following is not considered a component of generally accepted accounting principles? A) FASB Implementation Guides. A) FASB Implementation Guides....
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TEST1 - Submitted by Tran, Khoa (KHOTRAN1) on 1/30/2012...

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