Acct 550 Midterm Essays

2114 Words Sep 15th, 2015 9 Pages
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: Chapter 1 | | | | Points Received: | 5 of 5 | | Comments: | | | |

Question 2. | Question : | (TCO A) Under Sarbanes Oxley, the new law does not | | | Student Answer: | | require a national CPA license for
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| Question : | (TCO A) Which of the following elements of financial statements is not a component of comprehensive income? | | | Student Answer: | | Revenues | | | | Distributions to owners | | | | Losses | | | | Expenses | | Instructor Explanation: | General Feedback: Chapter 2 | | | | Points Received: | 5 of 5 | | Comments: | | | |

Question 6. | Question : | (TCO A) Which basic element of financial statements arises from peripheral or incidental transactions? | | | Student Answer: | | Assets | | | | Liabilities | | | | Gains | | | | Expenses | | Instructor Explanation: | General Feedback: Chapter 2 | | | | Points Received: | 5 of 5 | | Comments: | | | |

Question 7. | Question : | (TCO A) Which basic assumption may not be followed when a firm in bankruptcy reports financial results? | | | Student Answer: | | Economic entity assumption | | | | Going concern assumption | | | | Periodicity assumption | | | | Monetary unit assumption | | Instructor Explanation: | General Feedback: Chapter 2 | | | | Points Received: | 5 of 5 | | Comments: | | | |

Question 8. | Question : | (TCO D) Which of the following is a limitation of the balance sheet? | | | Student Answer: | | Many

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