ACC 305 WEEK 10 QUIZ 7

ACC 305 WEEK 10 QUIZ 7

ACC 305 WEEK 10 QUIZ 7
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ACC 305 WEEK 10 QUIZ 7
ACC 305 Week 10 Quiz 7 - Strayer University NEW
ACC 305 WEEK 10 QUIZ 7

1. FASB standards directly affect financial statements, notes to the financial statements, and management’s discussion and analysis.

2. The SEC requires that companies report to it certain substantive information that is not found in their annual reports.

3. Accounting policies are the specific accounting principles and methods a company uses and considers most appropriate to present fairly its financial statements.

4. In order to make adequate disclosure of related party transactions, companies should report the legal form, rather than the economic substance, of these transactions.

5. If the loss on an account receivable results from a customer’s bankruptcy after the balance sheet date, the company only discloses this information in the notes to the financial statements.

6. FASB Statement 131 requires that general purpose financial statements include selected information on a single basis of segmentation.

7. The FASB requires allocations of joint, common, or company-wide costs for external reporting purposes.

8. If 10 percent or more of company revenue is derived from a single customer, the company must disclose the total amount of revenue from each such customer by segment.

9. Companies should report accounting transactions as they occur, and expense recognition should not change with the period of time covered under the integral approach.

10. Companies should generally use the same accounting principles for interim reports and for annual reports.

11. Companies report extraordinary items in interim reports by prorating them over the four quarters.

12. To compute the year-to-date tax, companies...

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