Math

ACC 100

Question 1 |

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| Correct. |

Financial accounting provides economic and financial information for all of the following except

| managers. |

| investors. |

| creditors. |

| other external users. |

Question 2 |

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| Correct. |

The final step in solving an ethical dilemma is to

| identify the alternatives and weigh the impact of each alternative on stakeholders. |

| recognize the ethical issues involved. |

| identify and analyze the principal elements in the situation. |

| recognize an ethical situation. |

Question 3

Generally accepted accounting principles are

| standards that indicate how to report economic events. |

| income tax regulations of the Internal Revenue Service. |

| theories that are based on physical laws of the universe. |

| principles that have been proven correct by academic researchers. |

Question 4 |

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| Correct. |

The private sector organization involved in developing accounting principles is the | Financial Accounting Standards Board. |

| Feasible Accounting Standards Body. |

| Financial Accounting Studies Board. |

| Financial Auditors' Standards Body. |

Question 5Which of the following is not a characteristic of the cost principle? | Objectivity. |

| Reliability. |

| Subjectivity. |

| Verifiability. |

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Question 6 |

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| Correct. |

The accounting equation for Gudgeyes Enterprises is as follows:

-------------------------------------------------

Assets | | -------------------------------------------------

Liabilities | | -------------------------------------------------

Owner's Equity |

$120,000 | = | $60,000 | + | $60,000 |

If Gudgeyes purchases office equipment on account for $12,000, the accounting equation will change to

  | -------------------------------------------------

Assets |   | -------------------------------------------------...