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ACCT 301 Week 2 Quiz

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



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


 !"#$
%&'(')
Management

!
*



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!'
+,,,,,,,,,
'
an expense.
#

-



.
!!!/

".
"!
,,,,,,,,,
() 
!!
!0
retained earnings statement.
%1" "23-
4
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
3!"#
#

5*626667#2

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!"#
'5-6626662
"5**826662
"'5*42666
39
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#$
() 5-6:2666
$258,000
548:2666
5*8*2666
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;
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!not
$
() Comparability means using the same accounting principles from year to
year within a company.
&#<#!'

&'!!"!+=

>)(?9'"
!.!!+
%1" "*23::
:
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4@
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!2
$
5A2666B
!5*2666
42666
(+9<#
*2666
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() 1.75:1
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1. Question : (TCO 1) Which of the following would not be considered an external user of accounting data for XYZ Company? Internal Revenue Service Agent Management Creditors Customers 2. Question : (TCO 1) The cost of assets consumed or services used is also known as _________. a revenue. an expense. a liability. an asset. 3. Question : (TCO 1) The financial statement that summarizes the changes in retained earnings for a specific period of time is the _________. Student Answer: balance sheet. income statement. statement of cash flows. retained earnings statement. Instructor Explanation: Chapter 1, Page 13 4. Question : (TCO 1) Pinson Company began the year with retained earnings of $210,000. During the year, the company recorded revenues of $300,000, expenses of $228,000, and paid dividends of $24,000. What was Pinson's retained earnings at the end of the year? Student Answer: $306,000 $258,000 $486,000 $282,000 Instructor Explanation: Chapter 1, Page 13 5. Question : (TCO 4) Which of the following statements is not true? Student Answer: Comparability means using the same accounting principles from year to year within a company. Reliability is the quality of information that gives assurance that it is free of error or bias. Relevant accounting information must be capable of making a difference in a decision. The FASB's overriding criterion is that the accounting rule adopted should be ...
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