BUSN 212 - CH2
Quiz
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Other
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University
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Practice Problem
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Easy
Nada Almutairi
Used 2+ times
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18 questions
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1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
select three measurement issues must be resolved before a business transaction is recorded
Principle of duality
Valuation issue
Recognition issue
ethical
Classification issue
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
sale is recognized when title passes to the buyer (recognition point)
Fasle
True
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Transactions should be recorded at their original cost (historical cost)
False
True
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets are valued at the initial fair value or cost unless there is evidence that the fair value has changed and an adjustment must be made.
False
True
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Transactions must NOT classified according to the appropriate categories or accounts.
False
True
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Recognition, valuation, and classification are important factors in ethical financial reporting
False
True
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Principle of duality is describe the nature of the double-entry system of accounting.
False
True
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