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5 Written questions

5 Matching questions

  1. Faithful Representation
  2. Long-Term Liabilities
  3. Cost Contraint
  4. Periodicity Assumption
  5. Taxes and Legal Liability
  1. a accurately depicts what really happened
    1. Complete
    2. Neutral
    3. Free from Error
  2. b corporations have less favorable tax treatment but corporation stockholders not as liable as sole prop and partnerships
  3. c paid after one year; bonds/mortgage/long-term notes payable, lease/pension liabilities
  4. d business divided into artificial time periods
  5. e Cost vs. Benefit

5 Multiple choice questions

  1. current assets - current liabilities
  2. Beginning Retained Earnings + Net Income/Loss - Dividends = Ending Retained Earnings
  3. assets and liabilities reported at fair value
  4. International Financial Reporting Standards
  5. 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 True/False questions

  1. Free Cash Flow= cash flow from operating activities - cash used for capital expenditures - dividends paid


  2. Generally Accepted ACC Principles (GAAP)assets and liabilities reported at fair value


  3. ACC Info Systemcollects and processes transactions, will affect at least 2 accounts


  4. FASBFinancial ACC Standards Board


  5. Securities and Exchange Commission (SEC)oversee stock exchange and markets