Page: 1 2 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
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Page: | 1 2 | Question 1. | Question : | (TCO A) Which of the following statements is not an objective of financial reporting? | | | Student Answer: | | Provide information that is useful in investment and credit decisions. | | | | Provide information about enterprise resources, claims to those resources, and changes to them. | | | | Provide the liquidation value of a company. | | | | Provide information that is useful in assessing cash flow prospects. |
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1. | Question : | (TCO A) The Financial Accounting Standards Board employs a "due process" system, which | | | Student Answer: | | has all CPAs in the United States vote on a new statement. | | | | enables interested parties to express their views on issues under consideration. | | | | identifies the accounting issues that are the most important. | | | | requires that all accountants receive a copy of financial standards. | | Instructor Explanation: | General Feedback:
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Save Reset Print Name(s): Course & Selection: Identifier: Client: Chapter 03: Financial Accounting Exercise 03-02: Basic Financial Accounting Process Single Company Code Version 1 Rev: 01/03/2011 Introduction General Notes and Information It is strongly recommended that you read through the entire exercise prior to starting. Not all instructions can be provided in a linear manner. The following symbols are used to indicate important information as described below: An arrow highlights
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1. | Question : | (TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an): | | | Student Answer: | | Income statement | | | | Statement of retained earnings | | | | Balance sheet | | | | Statement of cash flows | | | | Report of management | | Instructor Explanation: | Chapter 9 | | | | Points Received: | 5 of 5 | | Comments: | this
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|Principles of Accounting | Copyright © 2011, 2010, 2009, 2008 by University of Phoenix. All rights reserved. Course Description This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on the enterprise. Financial information is examined from the perspective of effective management
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1 Financial Reporting Overview Chapter 1 is an overview chapter covering accounting users, financial reporting, GAAP, accounting organizations, the conceptual framework, accounting careers, and ethics. The topics are wide ranging and very heavy on the new terminology side of things. Although it is a good chapter for introductory purposes, the concepts and organizations covered are so extensive that it will make a good chapter to come back to later, or at the end of intermediate accounting
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exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. | Date Taken: | 8/4/2015 | Time Spent: | 2 h , 36 min , 17 secs | Points Received: | 152 / 180 (84.4%) | | Question Type: | # Of Questions: | # Correct: | Multiple Choice | 30 | 23 | Essay | 3 | N/A | | | Grade Details - All Questions | Page: | 1 2 | Question 1. | Question : | (TCO A) An AICPA committee in 1986 broke forensic accounting into two broad areas:
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Question 1. Question : (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect? Student Answer: The marketing vice president is considered an internal user. Present and prospective creditors are considered external users. *Regulatory authorities, such as the SEC, are considered internal users. The IRS is considered an external user. Instructor Explanation: Chapter 1 Points Received: 3 of 3 Comments: Question 2. Question
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terms of their maturities and in type (debt versus stock)? 1. They may have excess funds that they havent loaned out yet and instead of having the money just sit there the bank manager may decide that it could earn more revenue by choosing to invest. 2. Depending on the situation the bank manager may also feel that they can make more money by investing the excess funds rather than lending the money out. For example right now interest rates are at an all-time low and they may feel like the return on
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