Grade Details
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1. Question : (TCO 1) According to the textbook author, potential investors need information that is:

Student Answer: relevant and reliable.

fair and future-oriented.

accurate and truthful.

audited and complete.

Instructor Explanation: Chapter 1

Points Received: 0 of 4 Comments:

2. Question : (TCO1) The largest organization of professional accountants in the United States is the:

Student Answer: Financial Accounting Standards Board.

Securities and Exchange Commission.

American Institute of Certified Public Accountants.

Auditing Standards Board.

Instructor Explanation: Chapter 1

Points Received: 4 of 4 Comments:

3. Question : (TCO 1) The acronym GAAP stands for:

Student Answer: generally acceptable authorized pronouncements.

government authorized accountant principles.

generally accepted accounting principles.

government audited accounting pronouncements.

Instructor Explanation: Chapter 1

Points Received: 4 of 4 Comments:

4. Question : (TCO1) The going-concern concept of accounting:

Student Answer: enables accountants to ignore the effect of inflation in the accounting records. holds that the entity will remain in operation for the foreseeable future. maintains that each organization or section of an organization stands apart from other organizations and individuals. ensures that accounting records and statements are based on the most reliable data available. Instructor Explanation: Chapter 1

Points Received: 4 of 4 Comments:

5. Question : (TCO 1) Revenues are:

Student Answer: decreases in assets resulting from delivering goods or services to customers. increases in liabilities resulting from