Terms in this set (11)
Which of the following demonstrates that the company's resources equal creditors' claims plus owners' claims to those resources?
The cash received from customers is reported as part of the ending cash balance in the balance sheet and as part of operating cash flows in the statement of cash flows.
You are reading a particular section of a bank's annual report. This section provides the bank's views about the impact of an upcoming regulation on the banking industry as a whole and the bank in particular. Which section of the annual report are you reading?
management discussion and analysis
Which government agency has the authority to set accounting and reporting standards in the United States?
Securities and Exchange Commission
Part of the inventory of memory chips of a semiconductor company is obsolete because of the launch of more advanced products. However, the management still carries this inventory at historical prices in its balance sheet. Which primary qualitative characteristic is being violated here?
Which of the following characteristics is highly related to the establishment of accounting standards?
Different graders will arrive at the same exam score for multiple-choice tests, but they are more likely to differ in scoring essay exams. In this context, which characteristic does a multiple-choice test possess?
To have relevance, accounting information should possess
confirmatory value and/or predictive value
Transactions related to revenues and expenses
transactions with lenders and owners
transactions involving the purchase and sale of assets