BUSI 323 - Week 6: Exam 3. Questions and Answers. Liberty University.

Question 1 3 out of 3 points Which of the following, with all of its faults, is the basis on which the accounting profession has chosen to value assets and liabilities in most circumstances? Selected Answer: C. Historical cost valuation Response Feedback: A-head: Principles of Accounting Complexity: Moderate Subject: Chapter 8  Question 2 3 out of 3 points On the last day of the accounting period, a donor makes a permanently restricted donation of $1 million. How would this transaction affect the financial statements that will be prepared (vis-à-vis last period's statements)? Selected Answer: A. The balance sheet would be affected, and the statement of operations would be unaffected. Response Feedback: A-head: Statement of Operations (Revenues and Expenses) Complexity: Moderate Subject: Chapter 9  Question 3 3 out of 3 points Which of the following represents an attempt to enhance the value of information and exploit the capability of information technology to deliver true value to decision makers? Selected Answer: D. Balanced scorecards Response Feedback: A-head: Real-World Scenario Complexity: Moderate Subject: Chapter 11  Question 4 3 out of 3 points Which of the following provides detail on the organization's structure, accounting practices, and financial standing? Selected Answer: B. Notes to the financial statements Response Feedback: A-head: Real-World Scenario Complexity: Moderate Subject: Chapter 9