ACCT 304 Intermediate Accounting – Week 4 Midterm

ACCT 304 Intermediate Accounting – Week 4 Midterm

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1.            Question:            (TCO 1) The SEC issues accounting standards in the form of:

2.            Question:            (TCO2) The FASB’s conceptual framework’s qualitative characteristics of accounting information include:

3.            Question:            (TCO 2) The conceptual framework’s recognition and measurement concepts recognize which of the following as a principle, rather than an assumption?

4.            Question:            (TCO 2) The assumption that in the absence of contrary information a business entity will continue indefinitely is the:

5.            Question:            (TCO 3) XYZ Corporation receives $100,000 from investors for issuing them shares of its stock. XYZ’s journal entry to record this transaction would include a:

6.            Question:            (TCO 3) Recording revenue earned, but not yet collected, from a customer is an example of:

7.            Question:            (TCO 4) Accrued expenses:

8.            Question:            (TCO 3) Cost of goods sold is:

9.            Question:            (TCO 3) When an employer makes an end-of-period adjusting entry with a debit to supplies expense, the usual credit entry is made to:

Question:            (TCO 2) What are the key provisions of the Public Company Accounting Reform and Investor Protection (Sarbanes-Oxley) Act of 2002?

2.            Question:            (TCO 4) Provide an example of a liability that would not require the payment of cash.

3.            Question:            (TCO 5) List at least four operating activities that would be reported in the statement of cash flows for Wal-Mart. Assume the use of the direct method.