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5 Written questions

5 Matching questions

  1. Cost Contraint
  2. Current Assets
  3. Intangible Assets
  4. Econ Entity Assumption
  5. ACC Info System
  1. a turned into cash fastest or used up in less than a year; cash, accounts receivable, inventory, prepaid insurance, short-term investments, supplies (ordered by liquidity)
  2. b Cost vs. Benefit
  3. c collects and processes transactions, will affect at least 2 accounts
  4. d no physical substance; patent, goodwill (one company buys another company), copyrights
  5. e separately identified and accounted for

5 Multiple choice questions

  1. Liabilities + Stockholder's Equity = Assets
  2. obligations to be paid in coming year; notes/accounts/wages/salaries/bank loans/interest/taxes payable; Notes is always first, then Acct
  3. business will remain in operation for forseable future
  4. pay interest as it comes due to repay the balance of debt
  5. current assets - current liabilities

5 True/False questions

  1. Securities and Exchange Commission (SEC)2002, new regulations for ACC including: top management certifying accuracy of financial info, more severe penalties, increased independence of outside auditor

          

  2. 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

          

  3. Intercompanywith competitor of same industry

          

  4. Cost Principleassets recorded recorded at original costs

          

  5. IFRSFinancial ACC Standards Board