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5 Written questions

5 Matching questions

  1. Property, Plant and Equipment (PPE)
  2. Financial ACC Standards Board (FASB)
  3. Cost Principle
  4. Monetary Unit Assumption
  5. Qualities
  1. a sets precedents/rules
  2. b only transactions in cash are in ACC reports
  3. c assets recorded recorded at original costs
  4. d Relevance vs. Faithful Representation
  5. e long, useful lives; land, buildings, equipment, furniture, fixtures; depreciation is subtracted

5 Multiple choice questions

  1. average ratios for particular industries
  2. business organization as separate legal entity owned by stockholders, investors share stock making it easy to sell/raise funds, largest revenue
  3. turned into cash fastest or used up in less than a year; cash, accounts receivable, inventory, prepaid insurance, short-term investments, supplies (ordered by liquidity)
  4. corporations have less favorable tax treatment but corporation stockholders not as liable as sole prop and partnerships
  5. 2002, new regulations for ACC including: top management certifying accuracy of financial info, more severe penalties, increased independence of outside auditor

5 True/False questions

  1. Internal Users of ACCoutside of organization, such as investors, creditors


  2. Balance Sheettwo owners, formed b/c individual doesn't have enough resources to initiate/expand business, shared control


  3. Hybridcombine tax advantages with limited liability


  4. Intl ACC Standards Board (IASB)Intl Financial Reporting Standards (IFRS)


  5. Going Concern Assumptionseparately identified and accounted for


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