Essay on ACC 421 Final Exam

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This document contains ACC 421 Final Exam

1) When an item of expense is paid and recorded in advance, it is normally called a(n)

2) If, during an accounting period, an expense item has been incurred and consumed but not yet paid for or recorded, then the end-of-period adjusting entry would involve

3) An accrued expense can best be described as an amount

4) Which of the following statements is not an objective of financial reporting?

5) The two primary qualities that make accounting information useful for decision making are

6) One objective of financial reporting is to provide

7) Companies that are listed on a stock exchange are required to submit their financial statements to the

8) The body that has the power to prescribe the accounting practices and standards to be employed by companies that fall under its jurisdiction is the

9) The Financial Accounting Foundation

10) Limitations of the income statement include all of the following except

11) Which of the following is not a generally practiced method of presenting the income statement?

12) The income statement reveals

13) In selecting an accounting method for a newly contracted long-term construction project, the principal factor to be considered should be

14) Which of the following is not an accurate representation concerning revenue recognition?

15) Dot Point, Inc. is a retailer of washers and dryers and offers a three-year service contract on each appliance sold. Although Dot Point sells the appliances on an installment basis, all service contracts are cash sales at the time of purchase by the buyer. Collections received for service contracts should be recorded as

16) One criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is

17) The balance sheet contributes to financial reporting...

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Business - Accounting 1) An accrued expense can best be described as an amount 2) When an item of revenue is collected and recorded in advance, it is normally called a(n) ___________ revenue. 3) When an item of expense is paid and recorded in advance, it is normally called a(n) 4) A common set of accounting standards and procedures are called 5) One objective of financial reporting is to provide 6) The information provided by financial reporting pertains to 7) The Financial Accounting…