My Answers are in Blue,
1. (TCO 1) Which of the following was the first private sector entity that set accounting standards in the United States? (Points : 5) Accounting Principles Board Committee on Accounting Procedure Financial Accounting Standards Board AICPA Question 2. 2. (TCO 2) Enhancing qualitative characteristics of accounting information includes each of the following, except (Points : 5) timeliness. materiality. comparability. verifiability. Question 3. 3. (TCO 3) Incurring an expense for advertising on an account would be recorded by (Points : 5) debiting liabilities. crediting assets. debiting an expense. debiting assets. Question 4. 4. (TCO 3) When a business makes an end­of­period adjusting entry with a debit to supplies expense, the usual credit entry is made to (Points : 5) accounts payable. supplies. cash. retained earnings. Question 5. 5. (TCO 3) The purpose of closing entries is to transfer (Points : 5) accounts receivable to retained earnings when an account is fully paid. balances in temporary accounts to a permanent account. inventory to cost of goods sold when merchandise is sold. assets and liabilities when operations are discontinued. Question 5. 5. (TCO 3) Temporary accounts would not include (Points : 5) salaries payable. depreciation expense. supplies expense. cost of goods sold. Question 4. 4. (TCO 3) When a tenant makes an end­of­period adjusting entry credit to the prepaid rent account (Points : 5) he or she usually debits cash. he or she usually debits an expense account. he or she debits a liability account. Question 1. 1. (TCO 1) The SEC issues accounting standards in the form of (Points : 5) accounting research bulletins. financial reporting releases. financial accounting standards. financial technical bulletins. 1. (TCO 1) The FASB's standard­setting process includes, in the correct order: (Points : 5) exposure draft, research, discussion paper, and accounting standards update. research, exposure draft, discussion paper, and accounting standards update. research, discussion paper, exposure draft, and accounting standards update. discussion paper, research, exposure draft, and accounting standards update. Question 2. 2. (TCO 2) The enhancing qualitative characteristic of understandability means that information
should be understood by (Points : 5) those who are experts in the interpretation of financial information. those who have a reasonable understanding of business and economic activities. financial analysts. CPAs. Question 4. 4. (TCO 3) Cal Farms reported a supplies expense of $2,000,000 this year. The supplies account
decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies Cal Farms purchased during the year? (Points : 5) $1,600,000 $1,800,000 $2,200,000 $2,400,000 Question 2. 2. (TCO 2) The conceptual framework's qualitative characteristic of relevance includes (Points :
5) predictive value. verifiability. completeness. neutrality. Question 3. 3. (TCO 3) XYZ Corporation receives $100,000 from investors for issuing them shares of its stock. XYZ's journal entry to record this transaction would include a (Points : 5) debit to investments. credit to retained earnings. credit to capital stock. credit to revenue. Question 4. 4. (TCO 3) When a business makes an end­of­period adjusting entry with a debit to supplies expense, the usual credit entry is made to (Points : 5) accounts payable. supplies. cash. retained earnings. Question 5. 5. (TCO 3) Permanent accounts would not include (Points : 5) interest expense. wages payable. prepaid rent. unearned revenues. 1. (TCO 1) Which of the following was the first private sector entity that set accounting standards in the United States? (Points : 5) Accounting Principles Board Committee on Accounting Procedure Financial Accounting Standards Board AICPA Question 5. 5. (TCO 3) The purpose of closing entries is to transfer (Points : 5) accounts receivable to retained earnings when an account is fully paid. balances in temporary accounts to a permanent account. inventory to cost of goods sold when merchandise is sold. assets and liabilities when operations are discontinued.

SuperTutor

(15)

Status NEW Posted 09 May 2017 02:05 AM My Price 10.00

-----------

Attachments

file 1494297259-Solutions file.docx preview (56 words )

S-----------olu-----------tio-----------ns -----------fil-----------e -----------Hel-----------lo -----------Sir-----------/Ma-----------dam----------- T-----------han-----------k y-----------ou -----------for----------- yo-----------ur -----------int-----------ere-----------st -----------and----------- bu-----------yin-----------g m-----------y p-----------ost-----------ed -----------sol-----------uti-----------on.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age----------- I -----------wil-----------l b-----------e q-----------uic-----------kly----------- on-----------lin-----------e a-----------nd -----------giv-----------e y-----------ou -----------exa-----------ct -----------fil-----------e a-----------nd -----------the----------- sa-----------me -----------fil-----------e i-----------s a-----------lso----------- se-----------nt -----------to -----------you-----------r e-----------mai-----------l t-----------hat----------- is----------- re-----------gis-----------ter-----------ed -----------onÂ----------- th-----------is -----------web-----------sit-----------e. ----------- H-----------YPE-----------RLI-----------NK -----------&qu-----------ot;-----------htt-----------p:/-----------/wo-----------rkb-----------ank-----------247-----------.co-----------m/&-----------quo-----------t; -----------\t -----------&qu-----------ot;-----------_bl-----------ank-----------&qu-----------ot;----------- -----------Tha-----------nk -----------you----------- -----------

Not Rated(0)

• Buy Answer