Acct304 Midterm Exam

acct304 midterm exam
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midterm
Question 1. Question : (TCO 1) Which of the following has the authority to set accounting standards in the United States?
FASB
IRS
SEC
AICPA
: 1
Question 2. Question : (TCO 2) SFAC No.5 focuses on:
objectives of financial reporting.
qualitative characteristics of accounting information.
Recognition and measurement concepts in accounting, including assumptions and principles.
elements of financial statements.
: 1
5 of 5
Question 3. Question : (TCO 3) Mary Parker Co. invested $15,000 in ABC Corporation and received capital stock in exchange. Mary Parker Co.’s journal entry to record this transaction would include a:
debit to investments.
credit to retained earnings.
credit to capital stock.
debit to expense.
: 2
5 of 5
Question 4. Question : (TCO 3) The adjusting entry required to record accrued expenses includes:
a credit to cash.
a debit to an asset.
a credit to an asset.
a credit to liability.
: 2
5 of 5
Question 5. Question : (TCO 3) Temporary accounts would not include:
salaries payable.
depreciation expense.
supplies expense.
cost of goods sold.
: 2
5 of 5
Question 6. Question : (TCO 4) Notes payable:
is a current liability account.
usually has a debit balance.
is a non-current liability account.
cannot determine its classification without additional information.
: 2
5 of 5
Question 7. Question : (TCO 4) The current ratio is given by:
current assets divided by non-current assets.
current assets divided by total assets.
current assets divided by current liabilities.
current assets divided by total liabilities.
: 3
5 of 5
Question 8. Question : (TCO 5) The distinction between operating and non-operating income relates to:
continuity of income.
principal activities of the reporting entity.
consistency of income stream.
reliability of measurements.
: 4
5 of 5
Question 9. Question : (TCO 5) A voluntary...