Acc 304 Quiz

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ACCT 304 Week 1 to 7 Quizzes Click Link Below To Buy: 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:…show more content…
dividends received. : 4 5 of 5 Question 13. Question : (TCO 4) Which is a shareholders’ equity account in the balance sheet? Accumulated depreciation Paid-in capital Dividends payable Marketable securities : 3 5 of 5 Question 14. Question : (TCO 4) Which of the following groups is not among the external users for whom financial statements are prepared? Customers Suppliers Employees All of the above are external users of financial statements. (TCO 5) Misty Company reported the following before-tax items during the current year: Misty’s effective tax rate is 40% and there were 1,000 shares of common stock outstanding. What would be Misty’s income before extraordinary item(s)? Question 2. Question : (TCO 4) Listed below are account balances (in $millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses a perpetual inventory system. What would Symphony report as total assets? Hint: Don’t forget to deduct the contra assets. (TCO 4) Explain how management’s discussion and analysis of its operations and liquidity may be helpful to…show more content…
Question : (TCO 2) What are the key provisions of the Public Company Accounting Reform and Investor Protection (Sarbanes-Oxley) Act of 2002? Question 3. Question : (TCO 5) Give an example of a non-cash financing and investing activity and explain when and how it would be reported in the financial statements. Question 4. Question : (TCO 3) What is the purpose of the closing process? (TCO 1) The SEC issues accounting standards in the form of accounting research bulletins. financial reporting releases. financial accounting standards. financial technical bulletins. : Question 2. Question : (TCO 2) Enhancing qualitative characteristics of accounting information include each of the following, except timeliness. materiality. comparability. verifiability. Comments: Question 3. Question : (TCO 3) Hughes Aircraft sold a four-passenger airplane for $380,000, receiving a $50,000 down payment and a 12% note for the balance. The journal entry to record this sale would include a credit to cash. debit to cash

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