FIN 301 QUIZ 2 Group 1 2015

Aug 8th, 2016
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1. Which of the following is true regarding balance sheets? A. They report, for a certain interval of time, the net assets generated, the net assets consumed, and the net income. B. They report, for a certain interval of time, the resources of a company, the obligations of acompany, and the equity of the owners. C. They report, for a certain interval of time, the amount of cash generated and consumed by a company. D. They report, as of a certain point in time, the resources of a company, the obligations of a company, and the equity of the owners. E. They report, as of a certain point in time, the resources and net income of a company. 2. Which of the following is true regarding income statements? A. They report, as of a certain point in time, the company’s assets, liabilities, and net income B. They report, for a certain interval of time, the net assets generated, the net assets consumed, and the net income C. They report, as of a certain point in time, the amount of cash a

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FIN 301 QUIZ 2 Group 1 20151. Which of the following is true regarding balance sheets?A. They report, for a certain interval of time, the net assets generated, the net assets consumed, and the netincome.B. They report, for a certain interval of time, the resources of a company, the obligations of acompany,and the equity of the owners.C. They report, for a certain interval of time, the amount of cash generated and consumed by a company.D. They report, as of a certain point in time, the resources of a company, the obligations of a company,and the equity of the owners.E. They report, as of a certain point in time, the resources and net income of a company.2. Which of the following is true regarding income statements?A. They report, as of a certain point in time, the companys assets, liabilities, and net incomeB. They report, for a certain interval of time, the net assets generated, the net assets consumed, andthe net incomeC. They report, as of a certain point in time, the amount of cash and net income generatedD. They report, as of a certain point in time, the net assets generated, the net assets consumed, and thenet incomeE. They report, for a certain interval of time, the resources of a company, the obligations of acompany, and the equity of the ownersGroup 23. The Matching Principle in GAAP:A. Matches sales to inventory shipmentsB. Matches the expenses related to a sale in the same periodC. Matches ROE to a firm's capital investmentD. Matches costs

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