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Acct 304 Final Exam

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ACCT 304   final Exam
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acct304 final exam
Question 1.1. (TCO 1) The SEC issues accounting standards in the form of (Points : 6)
accounting research bulletins.
financial reporting releases.
financial accounting standards.
financial technical bulletins.
Question 2.2. (TCO 1) When a registrant company submits its annual filing to the SEC, it uses (Points : 6)
Form 10-A.
Form 10-K.
Form 10-Q.
Form S-1.
Question 3.3. (TCO 2) The conceptual framework’s qualitative characteristic of relevance includes (Points : 6)
predictive value.
verifiability.
completeness.
neutrality.
Question 4.4. (TCO 2) Enhancing qualitative characteristics of accounting information include each of the following, except (Points : 6)
timeliness.
materiality.
comparability.
verifiability.
Question 5.5. (TCO 3) A sale on account would be recorded by (Points : 6)
debiting revenue.
crediting assets.
crediting liabilities.
debiting assets.
Question 6.6. (TCO 3) Prepayments occur when (Points : 6)
cash flow precedes expense recognition.
sales are delayed pending credit approval.
customers are unable to pay the full amount due when goods are delivered.
manufactured goods await quality control inspections.
Question 7.7. (TCO 4) An asset that is not expected to be converted to cash or consumed within 1 year or the operating cycle is (Points : 6)
goodwill.
accounts receivable.
inventory.
supplies.
Question 8.8. (TCO 4) Which of the following is never a current liability account? (Points : 6)
Accrued payroll
Dividends payable
Prepaid rent
Subscriptions collected in advance
Question 9.9. (TCO 5) The distinction between operating and nonoperating income relates to (Points : 6)
continuity of income.
principal activities of the reporting entity.
consistency of income stream.
reliability of measurements.
Question 10.10. (TCO 5) On May 1, Foxtrot Co. agreed to sell the assets of its Footwear...

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