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Devry ACCT 304 Entire Course-Latest 2015
(All Quizes All Discussions And Midterm)
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Question
midterm
Question 1. Question : (TCO 1) The International Accounting Standards Board:
was the predecessor to the IASC.
can overrule the FASB when their policies disagree.
promotes the use of high-quality, understandable global accounting standards.
has its headquarters in Geneva.
Question 2. Question : (TCO 2) SFAC No.5 focuses on:
objectives of financial reporting.
qualitative characteristics of accounting information.
Recognition and measurement concepts in accounting, including assumptions and principles.
elements of financial statements.
Question 3. Question : (TCO 3) Mary Parker Co. invested $15,000 in ABC Corporation and received capital stock in exchange. Mary Parker Co.'s journal entry to record this transaction would include a:
debit to investments.
credit to retained earnings.
credit to capital stock.
debit to expense.
Question 4. Question : (TCO 3) The adjusting entry required to record accrued expenses includes:
a credit to cash.
a debit to an asset.
a credit to an asset.
a credit to liability.
Question 5. Question : (TCO 3) Permanent accounts would not include:
cost of goods sold.
inventory.
current liabilities.
accumulated depreciation.
Question 6. Question : (TCO 4) Which of the following is never a current liability account?
Accrued payroll
Dividends payable
Prepaid rent
Subscriptions collected in advance
Question 7. Question : (TCO 4) The current ratio is given by:
current assets divided by non-current assets.
current assets divided by total assets.
current assets divided by current...