ACC 421 Final Exam

Jul 21st, 2016
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1) An accrued expense can best be described as an amount A. paid and currently matched with earnings. B. not paid and not currently matched with earnings. C. not paid and currently matched with earnings. D. paid and not currently matched with earnings. 2) When an item of revenue is collected and recorded in advance, it is normally called a(n) ___________ revenue. A. unearned B. prepaid C. accrued D. cash 3) When an item of expense is paid and recorded in advance, it is normally called a(n) A. estimated expense. B. accrued expense. C. prepaid expense. D. cash expense. 4) A common set of accounting standards and procedures are called A. objectives of financial reporting. B. generally accepted accounting principles. C. financial accounting standards. D. statements of financial accounting concepts. 5) One objective of financial reporting is to provide A. information that is useful in assessing cash flow prospects. B. information about the liquidation values of the resou

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ACC 421 Final Exam1) An accrued expense can best be described as an amountA. paid and currently matched with earnings.B. not paid and not currently matched with earnings.C. not paid and currently matched with earnings.D. paid and not currently matched with earnings.2) When an item of revenue is collected and recorded in advance, it is normally called a(n)___________ revenue.A. unearnedB. prepaidC. accruedD. cash3) When an item of expense is paid and recorded in advance, it is normally called a(n)A. estimated expense.B. accrued expense.C. prepaid expense.D. cash expense.4) A common set of accounting standards and procedures are calledA. objectives of financial reporting.B. generally accepted accounting principles.C. financial accounting standards.D. statements of financial accounting concepts.5) One objective of financial reporting is to provideA. information that is useful in assessing cash flow prospects.B. information about the liquidation values of the resources held by the enterprise.C. information about the investors in the business entity.D. information that will attract new investors.6) The information provided by financial reporting pertains toA. individual business enterprises, industries, and an economy as a whole, rather than tomembers of society as consumers.B. business industries, rather than to individual enterprises or an economy as a whole or tomembers of society as consumers.C. individual business enterprises, rather than to in

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