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13 Cards in this Set
- Front
- Back
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General-purpose financial statements are the product of |
financial accounting |
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Financial statements in the early 2000s provide information related to |
hard assets (inventory and plant assets). |
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Which of the following organizations has been responsible for setting U.S. accounting standards? (The Accounting Principles Board, The Committee on Accounting Procedure, or The Financial Accounting Standards Board.) |
all of them are correct. |
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The most significant current source of generally accepted accounting principles is the |
FASB |
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Which of the following is not a user of financial reports? Creditors. Employees. Government agencies. Unions. |
Employees |
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Which organization was responsible for issuing Accounting Research Bulletins? |
The Committee on Accounting Procedure. |
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Generally accepted accounting principles |
derive their credibility and authority from general recognition and acceptance by the accounting profession. |
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The underlying theme of the conceptual framework is |
decision usefulness. |
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A decrease in net assets arising from peripheral or incidental transactions is called a(n) |
loss. |
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Under current GAAP, inflation is ignored in accounting due to the |
monetary unit assumption. |
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Which of the following is a constraint in presenting financial information?Cost, Consistency, Full disclosure. Relevance |
Cost |
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A general journal |
chronologically lists transactions and other events, expressed in terms of debits and credits. |
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Which of the following properly describes a deferral? Cash is paid in the same time period that an expense is incurred.Cash is received after revenue is recognized.Cash is received before revenue is recognized.Cash is paid after expense is incurred. |
Cash is received before revenue is recognized |
