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5 Written Questions

5 Matching Questions

  1. Sole Proprietorship
  2. Full Disclosure Principle
  3. Relevance
  4. Current Liabilities
  5. Securities and Exchange Commission (SEC)
  1. a 1. Predict Future
    2. Confirm or correct prior expectation
    3. Materiality
  2. b one owner, easy to set up, tax advantages, transfer of ownership is difficult
  3. c obligations to be paid in coming year; notes/accounts/wages/salaries/bank loans/interest/taxes payable; Notes is always first, then Acct
  4. d all circumstances that could make a differernce are disclosed
  5. e oversee stock exchange and markets

5 Multiple Choice Questions

  1. separately identified and accounted for
  2. two owners, formed b/c individual doesn't have enough resources to initiate/expand business, shared control
  3. International Financial Reporting Standards
  4. within next year
  5. = total liabilities / total assets

5 True/False Questions

  1. Taxes and Legal Liabilitypaid after one year; bonds/mortgage/long-term notes payable, lease/pension liabilities


  2. What goes to shareholders?Dividends


  3. FASBEarnings per Share; EPS = net income - preferred dividends / avg # of shares outstanding
    AVG # of shares outstanding =
    beginning + ending / 2


  4. Sarbanes-Oxley Act (SOX)2002, new regulations for ACC including: top management certifying accuracy of financial info, more severe penalties, increased independence of outside auditor


  5. Property, Plant and Equipment (PPE)Cost vs. Benefit


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