ACCT 321 Advance Financial Reporting Exam Quizzes

Which of the following is not a required component of financial statements prepared in accordance with generally accepted accounting principles?

1. Balance sheet.


2. Notes to financial statements.


3. Income statement.


4. President"s letter to shareholders.

When should an expenditure be recorded as an asset rather than an expense?

1. Always


2. If the amount is material.


3. When future benefit exists.


4. President"s letter to shareholders

Recognition of expense related to amortization of an intangible asset illustrates which principle of accounting?

1. Historical cost.


2. Expense recognition.


3. Full disclosure.


4. Revenue recognition.

Allowing firms to estimate rather than physically count inventory at interim (quarterly) periods is an example of a

1. Trade-off between timeliness and verifiability.


2. Neutrality and consistency.


3. Verifiability and faithful representation.


4. Faithful representation and comparability.

Which accounting assumption or principle is being violated if a company is a party to major litigation that it may lose and decides not to include the information in the financial statements because it may have a negative impact on the company"s stock price?

1. Going concern.


2. Historical cost.


3. Expense recognition.


4. Full disclosure.

What is the general approach as to when product costs are recognized as expenses?

1. In the period when the vendor invoice is received.


2. In the period when the expenses are incurred.


3. In the period when the related revenue is recognized.


4. In the period when the expenses are paid.

Not adjusting the amounts reported in the financial statements for inflation is an example of which basic principle of accounting?

1. Economic entity.


2. Full disclosure.


3. Historical cost.


4. Going concern.

What is the following is a characteristic describing the primary quality of relevance?

1. Materiality


2. Verifiability


3. Understandability


4. Predictive value.

What is prudence or conservatism?

1. Recognizing revenue when earned and realized.


2. When in doubt, recognizing the option that is least likely to overstate assets and income.


3. Understating assets and net income.


4. Recognizing the option that is least likely to overstate assets and income.

The underlying theme of the conceptual framework is

1. decision usefulness.


2. faithful representation.


3. comparability


4. understandability

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ACCT 321 Advance Financial Reporting Exam Quizzes

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ACCT 321 Advance Financial Reporting Exam Quizzes