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5 Written questions

5 Matching questions

  1. Taxes and Legal Liability
  2. Balance Sheet
  3. Stockholder's Equity
  4. Enhancing
  5. Econ Entity Assumption
  1. a corporations have less favorable tax treatment but corporation stockholders not as liable as sole prop and partnerships
  2. b separately identified and accounted for
  3. c Common Stock and Retained Earnings
  4. d 1. Comparability: diff co. uses same ACC principles
    2. Consistency: co. uses same ACC principles year to year
    3. Verifiable
    4. Timely
    5. Understandability
  5. e Liabilities + Stockholder's Equity = Assets

5 Multiple choice questions

  1. all circumstances that could make a differernce are disclosed
  2. assets recorded recorded at original costs
  3. two owners, formed b/c individual doesn't have enough resources to initiate/expand business, shared control
  4. International Financial Reporting Standards
  5. Intl Financial Reporting Standards (IFRS)

5 True/False questions

  1. ACC Info SystemRevenue - Expenses = Net Income/Loss


  2. Credit (CLER)Liabilities, Equity, Revenue


  3. Statement of Cash FlowsAnnual Report: financial statements, update of company to stockholders


  4. QualitiesRelevance vs. Faithful Representation


  5. Property, Plant and Equipment (PPE)only transactions in cash are in ACC reports


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