ACCT 550 Week 4 Midterm Set 1
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1. (TCO A) Which of the following statements is not an objective of financial reporting?
2. (TCO A) Under Sarbanes Oxley, the new law does not:
3. (TCO A) The cash method of accounting:
4. (TCO A) The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the same measurement methods is
5. (TCO A) The two primary qualities for accounting information are:
6. (TCO A) Which basic element of financial statements arise from peripheral or incidental transactions?
7. (TCO A) Which of the following is not a basic assumption underlying the financial accounting structure?
8. (TCO A) What is the quality of information that enables users to better forecast future operations?
9. (TCO A) Accounting information is considered to be relevant when it
10. (TCO A) Which of the following is not a basic assumption underlying the financial accounting structure?
11. (TCO A) Which of the following basic accounting assumptions is threatened by the existence of severe inflation in the economy?
12. (TCO A) Which of the following are benefits of providing financial information?
13. (TCO D) The balance sheet is useful for analyzing all of the following except
14. (TCO D) The balance sheet contributes to financial reporting by providing a basis for all of the following except
15. (TCO D) The net assets of a business are equal to
16. (TCO D) Stine Corp.'s trial balance reflected the following account balances at December 31, 2010:
Accounts receivable (net) $24,000
Trading securities 6,000
Accumulated depreciation on equipment and furniture 15,000
Prepaid expenses 2,000
Land held for future business site 18,000
In Stine's December 31, 2010 balance sheet, the current assets total is: