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University

40 Qs

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ACCTG 23_FINAL EXAM FIRST TERM 2020

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Assessment

Quiz

Business

University

Hard

Created by

Rosanna Rodriguez

FREE Resource

40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would not be considered a user of accounting information

Owners

Creditors

Debtors

Stockholders

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the process of determining how and at what cost money is allocated among competing interests?

Capital allocation

Financial allocation

Physical allocation

Accounting allocation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Financial Accounting Standards Board does not involve the public in its due process

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are considered ingredients of Faithful Representation except for

Completeness

Neutrality

Free from error

Absolutely perfect

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which element of the financial statements would be found on an Income Statement?

Cash

Equity

Expenses

Liabilities

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When must revenue be recognized under the Revenue Recognition Principle

Before the performance obligation is satisfied

When the owners deem it appropriate

When the performance obligation is satisfied

Only at month end

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The expectations gap is the difference between what the public thinks accountants should do versus what accountants think they can do.

True

False

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