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ACCT 304 Midterm Quiz Solution

ACCT 304 Midterm Quiz Solution
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ACCOUNTING

ACCT 304 MIDTERM Quiz

MULTIPLE CHOICE

1. (TCO 1) Pronouncements issued by the Committee on Accounting Procedures:

2. (TCO 2) The FASB's conceptual framework's qualitative characteristics of accounting information include:

3. (TCO 2) The conceptual framework's recognition and measurement concepts recognize which of the following as a principle, rather than an assumption?

4. (TCO 2) Recognizing expected losses immediately, but deferring expected gains, is an example of:

5. (TCO 3) A sale on account would be recorded by:

6. (TCO 3) Recording revenue earned, but not yet collected, from a customer is an example of:

7. (TCO 4) Accrued expenses:

8. (TCO 3) A future economic benefit owned or controlled by an entity is:

9. (TCO 3) The adjusting entry required to record accrued expenses includes:

Essay

1. (TCO 2) Explain and show an example of how the FASB's conceptual framework is needed in formulating standards on controversial topics.

2. (TCO 4) - Briefly explain the purpose of the disclosure note on significant accounting policies. Provide two examples of what might be found in this note.

3. (TCO 5) Give an example of a major investing activity cash outflow that would be reported in the statement of cash flows for a manufacturing company.

 

FILE: MS WORD

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