Exam 1 - INTERMEDIATE ACCOUNTING FIRST EXAMINATION A SAMPLE...

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FIRST EXAMINATION A SAMPLE EXAM (This sample exam is ONLY intended to help you gain familiarity with the exam format) Multiple Choice. Read each question carefully and indicate the best answer by circling the appropriate letter. 1. The FASB issues a. Statements of Financial Accounting Standards. b. Opinions. c. Statements of Position. d. Accounting Research Bulletins. 2. The Securities and Exchange Commission a. Protects investors from losses. b. Issues Accounting Research Bulletins. c. Has legal authority to establish accounting standards. d. Has no impact on the setting of accounting standards by the FASB. 3. Which of the following statements about the FASB is FALSE? a. The FASB consists of seven board members. b. FASB members serve full time. c. FASB members are required to be CPAs. d. The FASB is not part of the AICPA. 4. Information would be considered relevant if it had the characteristics of a. Predictive value. b. Feedback value. c. Timeliness. d. All of the above. 5. The essence of an asset to an enterprise is the existence of a. Ownership of the asset by the enterprise. b. Probable future economic benefits to the enterprise. c. The ability of the enterprise to sell the asset, either alone or with other assets. d. A historical cost for the asset incurred by the enterprise. 6. Revenue is ordinarily recognized when a. Inventory has been produced. b. The earning process is virtually complete. c. The amount and timing of revenue are reasonably determinable. d. Both b and c have taken place. 7. Which one of the following items is reported separately in a multiple-step, but not in a single-step, income statement? a. Extraordinary gains and losses.
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Exam 1 - INTERMEDIATE ACCOUNTING FIRST EXAMINATION A SAMPLE...

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