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Accounting Obj 2

Authored by Stephen Tharrington

Other

12th Grade

Used 24+ times

Accounting Obj 2
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32 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Harley's Hog BBQ owns and operates several barbecue restaurants. In 20XX, Harley, the owner, took out a loan for his business in the amount of $100,000. The loan will be completely paid off within 6 months. When preparing the financial statements of the business, Harley opted not to list the loan because it was so close to maturity. Which principle did Harley's Hog BBQ violate?

cost principle

full disclosure principle

revenue recognition principle

matching principle

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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?

FASB

GAAP

GASB

IFRS

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Hardwick Corporation is based in the United States. When preparing its financial statements, the corporation failed to include a large credit sale to a customer in the general ledger, which was made on December 31st. What concept is Hardwick Corporation violating?

measurement concept

materiality concept

reality concept

recognition concept

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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?

business entity

going concern

monetary unit

time period

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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?

Cost Effectiveness Constraint

Conservatism Constraint

Materiality Constraint

Recognition Constraint

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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?

AICPA

GAAP

FASB

SEC

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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?

comparability

consistency

relevance

reliability

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