Exam 14: Accounting Principles and Reporting Standards

For convenience,accountants assume that the value of money is stable or that changes in its value are not great enough to affect the recorded financial data.

(True/False)

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Question 61

The modifying constraint of ____________________ concerns the significance of an item in relation to the particular situation of which it is a part.

(Essay)

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Question 62

Financial accounting rules affect the recording of data used to prepare financial reports that go to ____________________ and creditors.

(Essay)

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Question 63

If an important fact that would have an effect on an investor's decisions is omitted from the financial statements,the ____________________ principle has been violated.

(Essay)

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Question 64

If an expenditure that is expected to benefit future periods is made during one accounting period,the cost should be divided and charged as an expense during each period benefited.

(True/False)

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Question 65

If the ____________________ basis of accounting is used,income is recorded in the period in which it is earned.

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Question 66

Under the accrual basis of accounting

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Question 67

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For convenience,accountants assume that the value of money is stable or that changes in its value are not great enough to affect the recorded financial data.

The modifying constraint of ____________________ concerns the significance of an item in relation to the particular situation of which it is a part.

Financial accounting rules affect the recording of data used to prepare financial reports that go to ____________________ and creditors.

If an important fact that would have an effect on an investor's decisions is omitted from the financial statements,the ____________________ principle has been violated.

If an expenditure that is expected to benefit future periods is made during one accounting period,the cost should be divided and charged as an expense during each period benefited.

If the ____________________ basis of accounting is used,income is recorded in the period in which it is earned.

Under the accrual basis of accounting

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

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