Acct 550 Midterm
Grading Summary
These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.
Date Taken: 8/3/2014
Points Received: 188 / 200 (94%)
Question 1. Question :
(TCO A) The Financial Accounting Standards Board employs a "due process" system, which: has all CPAs in the United States vote on a new statement. enables interested parties to express their views on issues under consideration. identifies the accounting issues that are the most important. requires that all accountants receive a copy of financial standards.
Points Received: 5 of 5
Question 2. Question :
(TCO A) The cash method of accounting is used by most publicly traded corporations for financial statement purposes. is not in accordance with the matching principle for most publicly traded corporations. often is used on the income statement by large, publicly held companies.
All of the above
Question 3. Question :
(TCO A) Which of the following is an ingredient of relevance?
Verifiability
Completeness
Neutrality
Predictive value
Question 4. Question :
(TCO A) The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the same measurement methods is relevance. reliability. verifiability. neutrality.
Question 5. Question :
(TCO A) Which of the following is not a basic element of financial statements? Assets Balance sheet Losses Revenues
Question 6. Question :
(TCO A) Which basic element of financial statements arises from peripheral or incidental transactions?
Assets
Liabilities
Gains
Expenses
Question 7. Question :
(TCO A) Which basic assumption may not be followed when a firm in bankruptcy reports financial results?
Economic entity assumption
Going concern assumption
Periodicity
These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.
Date Taken: 8/3/2014
Points Received: 188 / 200 (94%)
Question 1. Question :
(TCO A) The Financial Accounting Standards Board employs a "due process" system, which: has all CPAs in the United States vote on a new statement. enables interested parties to express their views on issues under consideration. identifies the accounting issues that are the most important. requires that all accountants receive a copy of financial standards.
Points Received: 5 of 5
Question 2. Question :
(TCO A) The cash method of accounting is used by most publicly traded corporations for financial statement purposes. is not in accordance with the matching principle for most publicly traded corporations. often is used on the income statement by large, publicly held companies.
All of the above
Question 3. Question :
(TCO A) Which of the following is an ingredient of relevance?
Verifiability
Completeness
Neutrality
Predictive value
Question 4. Question :
(TCO A) The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the same measurement methods is relevance. reliability. verifiability. neutrality.
Question 5. Question :
(TCO A) Which of the following is not a basic element of financial statements? Assets Balance sheet Losses Revenues
Question 6. Question :
(TCO A) Which basic element of financial statements arises from peripheral or incidental transactions?
Assets
Liabilities
Gains
Expenses
Question 7. Question :
(TCO A) Which basic assumption may not be followed when a firm in bankruptcy reports financial results?
Economic entity assumption
Going concern assumption
Periodicity