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5 Written questions

5 Matching questions

  1. Debit (DEAD)
  2. Statement of Cash Flows
  3. Enhancing
  4. Qualities
  5. Cost Contraint
  1. a Expenses, Assets, Dividends
  2. b Annual Report: financial statements, update of company to stockholders
  3. c Relevance vs. Faithful Representation
  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 Cost vs. Benefit

5 Multiple choice questions

  1. Beginning Retained Earnings + Net Income/Loss - Dividends = Ending Retained Earnings
  2. all circumstances that could make a differernce are disclosed
  3. Intl Financial Reporting Standards (IFRS)
  4. Liabilities, Equity, Revenue
  5. obligations to be paid in coming year; notes/accounts/wages/salaries/bank loans/interest/taxes payable; Notes is always first, then Acct

5 True/False questions

  1. Going Concern Assumptionseparately identified and accounted for

          

  2. 4 Financial StatementsIncome Statement, Retained Earnings, Balance Sheet, Statement of Cash Flows

          

  3. Relevancepay interest as it comes due to repay the balance of debt

          

  4. Faithful Representationaccurately depicts what really happened
    1. Complete
    2. Neutral
    3. Free from Error

          

  5. Econ Entity Assumptionseparately identified and accounted for

          

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