Accounting Obj 2

Front

Which principle did Harley's Hog BBQ violate by not listing a $100,000 loan that will be paid off within 6 months?

Back

full disclosure principle

Front

John, a certified public accountant, recently learned that a new set of principle-based standards, interpretations, and frameworks have been adopted by the United States and other countries. To better prepare himself, John should learn about what?

Back

IFRS

Front

What concept is Hardwick Corporation violating by failing to include a large credit sale in the general ledger?

Back

recognition concept

Front

Joe Blake is the president and primary stockholder of Blake Enterprises. He keeps his personal income and his business income in the same checking account. Which assumption is he violating?

Back

business entity

Front

When the accountant has to choose between two acceptable alternatives, the accountant should select the alternative that will report less profit, less asset amount, or a greater liability amount. This is based upon which principle/guideline?

Back

Conservatism Constraint

Front

John has been a certified public accountant for 15 years. While auditing a publicly traded company, John finds fraudulent information that is intended for the company's shareholders. Which governing body should John advise of the finding?

Back

SEC

Front

Todd Jones, CPA, is preparing the financial statements of XYZ Corporation. Todd makes sure that information capable of making a difference in a user's decision-making is included in the financial statements. Which quality of accounting information has been followed?

Back

relevance

Front

Amy is just forming her private accounting practice. She would like to join a professional organization that will help her network with other CPA's and provide guidance on developing her firm. Which organization would Amy want to join?

Back

AICPA

Front

The Furniture Company prepares its financial statements four times per year. Which assumption is the Furniture Company following?

Back

time period

Front

During the preparation of the Furniture Company's financial statements, one of the accountants has to decide between two alternative methods of valuing Uncollectible Accounts. He decides to choose the method that reports the highest amount. Which constraint did the accountant follow?

Back

conservatism