ACC 421 Week 3 Individual Assignment

 This document contains ACC 421 Final Exam


 1) When an item of expense is paid and recorded in advance, it is normally called a(n)

 2) If, during an accounting period, an expense item has been incurred and consumed but not yet paid for or recorded, then the end-of-period adjusting entry would involve

 3) An accrued expense can best be described as an amount

 4) Which of the following statements is not an objective of financial reporting?

 5) The two primary qualities that make accounting information useful for decision making are

 6) One objective of financial reporting is to provide

 7) Companies that are listed on a stock exchange are required to submit their financial statements to the

 8) The body that has the power to prescribe the accounting practices and standards to be employed by companies that fall under its jurisdiction is the

 9) The Financial Accounting Foundation

 10) Limitations of the income statement include all of the following except

 11) Which of the following is not a generally practiced method of presenting the income statement?

 12) The income statement reveals

 13) In selecting an accounting method for a newly contracted long-term construction project, the principal factor to be considered should be

 14) Which of the following is not an accurate representation concerning revenue recognition?

 15) Dot Point, Inc. is a retailer of washers and dryers and offers a three-year service contract on each appliance sold. Although Dot Point sells the appliances on an installment basis, all service contracts are cash sales at the time of purchase by the buyer. Collections received for service contracts should be recorded as

 16) One criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is

 17) The balance sheet contributes to financial reporting by providing a basis for all of the following except

 18) The basis for classifying assets as current or noncurrent is conversion to cash within

 19) The focus of APB Opinion No. 22 is on the disclosure of accounting policies. This information is important to financial statement readers in determining

 20) If a business entity entered into certain related party transactions, it would be required to disclose all of the following information except the

 21) Events that occur after the December 31, 2008 balance sheet date (but before the balance sheet is issued) and provide additional evidence about conditions that existed at the balance sheet date and affect the realizability of accounts receivable should be

 22) Companies should disclose all of the following in interim reports except

 23) If the financial statements examined by an auditor lead the auditor to issue an opinion that contains an exception that is not of sufficient magnitude to invalidate the statement as a whole, the opinion is said to be

 24) The MDA section of an enterprise's annual report is to cover the following three items:

 25) The payout ratio is calculated by dividing

 26) Which of the following ratios measures long-term solvency?

 27) Theoretically, in computing the receivables turnover, the numerator should include

 28) To arrive at net cash provided by operating activities, it is necessary to report revenues and expenses on a cash basis. This is done by

 29) The first step in the preparation of the statement of cash flows requires the use of information included i

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