Devry Acct 304 Entire Course-Latest 2015

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...