Financial Accounting

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Author:
Anonymous
ID:
120322
Filename:
Financial Accounting
Updated:
2011-12-02 17:52:38
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test questions
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  1. The following is not a measurement issue in accounting
    where to record a business transaction
  2. when a business reports an asset at an inflated dollar amount, it has violated the measurment issue of
    valuation
  3. the intentional preparation of misleading financial statements, known as Fradulent financial reporting can result from all of the following
    • The misapplication of accounting principles
    • The manipulation of inventory records
    • fictitious sales or orders
  4. The most appropriate and modern definition of accounting
    The measurement, processing, and communication of financial information about an identifiable economic entity.
  5. The measurement stage of accounting is accomplished by
    recording data
  6. All of the following statements are true about the Sarbanes-Oxley Act except
    it shields chief executives from criminal personalties
  7. which of the following is an illustration of the classification issue
    should tools be recorded as an asset or as an expense
  8. When a business erroneously records expenses as assets, it has violated the measurement issue of
    classification
  9. An example of an investing activity
    purchasing a building
  10. An example of an operating activity
    selling goods and services to customers
  11. The correct order of the three stages of accounting is
    measurement, processing, and communication
  12. The purchase of land is an example of a(n)
    investing activity
  13. A business event that is considered a recordable transaction
    A customer purchases merchandise
  14. The issue of deciding when to record a transaction is solved by
    deciding on a point of recognition
  15. The communication stage of accounting is accomplished by
    reporting to decision makers
  16. An example of financing activity
    Paying off a loan
  17. Which of the following is a business event that is not considered a recordable transaction
    A customer inquires about the availability of a service
  18. Which of the following is not a measurement issue in accounting
    evaluation
  19. A purchase is recognized in the accounting records when
    title transfers from the seller to the buyer
  20. when a business records revenue befoere it has been earned, it has violated the measurement issue of
    recognition

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