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Week 2 quiz.with answer.docx - Accounting Week 2 quiz Week...

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Accounting Week 2 quizWeek 2 quiz3) The fundamental qualitative characteristics of accounting information are relevance andreliability.
4) Another name for the continuity assumption is the going-concern assumption.
5) The historical cost principle is not used widely in the United States to value assets.
6) Accounting is moving in the direction of reporting more and more assets and liabilities attheir fair values.
7) Relevance is one of the four enhancing qualitative characteristics.
8) Which of the following characteristics does NOT apply to verifiability?D
9) Enhancing qualitative characteristics of accounting information do NOT include:D
10) The conceptual foundation of accounting does NOT include:D
11) Information must be sufficiently transparent so that it makes sense to reasonablyinformed users of the financial statements, such as creditors. This qualitative characteristic ofinformation is called:A) verifiability.B) faithful representative.C) relevant.D) understandability.Answer:D
12) The fair value of a plant asset is equal to:A

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Term
Winter
Professor
NoProfessor
Tags
Balance Sheet, Generally Accepted Accounting Principles, International Financial Reporting Standards

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