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5 Written questions

5 Matching questions

  1. FASB
  2. Intangible Assets
  3. Cost Principle
  4. Solvency
  5. Ratio Analysis
  1. a pay interest as it comes due to repay the balance of debt
  2. b assets recorded recorded at original costs
  3. c no physical substance; patent, goodwill (one company buys another company), copyrights
  4. d relationship among selected items of financial statement data
  5. e Financial ACC Standards Board

5 Multiple choice questions

  1. outside of organization, such as investors, creditors
  2. Dividends
  3. paid after one year; bonds/mortgage/long-term notes payable, lease/pension liabilities
  4. two years of same company
  5. International Financial Reporting Standards

5 True/False questions

  1. Intercompanywith competitor of same industry


  2. Debit (DEAD)Expenses, Assets, Dividends


  3. Monetary Unit Assumptiononly transactions in cash are in ACC reports


  4. Corporationcurrent assets / current liabilities (anything > 1 is good)


  5. Retained Earnings1. Comparability: diff co. uses same ACC principles
    2. Consistency: co. uses same ACC principles year to year
    3. Verifiable
    4. Timely
    5. Understandability