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Exam (elaborations)

FINANCIAL REPORTING I EXAM ONE MULTIPLE CHOICE QUESTIONS WITH CORRECT ANSWERS 2025

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FINANCIAL REPORTING I EXAM ONE MULTIPLE CHOICE QUESTIONS WITH CORRECT ANSWERS 2025

Institution
Accounting And Financial Reporting
Course
Accounting And Financial Reporting









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Written for

Institution
Accounting And Financial Reporting
Course
Accounting And Financial Reporting

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Uploaded on
February 21, 2025
Number of pages
7
Written in
2024/2025
Type
Exam (elaborations)
Contains
Questions & answers

Subjects

  • financial reporting i exam one multiple choice que

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FINANCIAL REPORTING I EXAM ONE MULTIPLE
CHOICE QUESTIONS WITH CORRECT
ANSWERS 2025
WhatGisGtheGpurposeGofGinformationGpresentedGinGnotesGtoGtheGfinancialGstatements?G-
GCORRECTGANSWERG-ToGprovideGdisclosureGrequiredGbyGgenerallyGacceptedGaccountingGprinciples




WhatGgroupGcurrentlyGwritesGgenerallyGacceptedGaccountingGprinciples?G-GCORRECTGANSWERG-
FinancialGAccountingGStandardsGBoard



InGanalyzingGaGcompany'sGfinancialGstatements,GwhichGfinancialGstatementGwouldGaGpotentialGinvestorGpri
marilyGuseGtoGassessGtheGcompany'sGliquidityGandGfinancialGflexibility?G-GCORRECTGANSWERG-
BalanceGSheet



WhichGofGtheGfollowingGisGtrueGregardingGtheGcomparisonGofGmanagerialGtoGfinancialGaccounting?G-
GCORRECTGANSWERG-

ManagerialGaccountingGneedGnotGfollowGGAAPGwhileGfinancialGaccountingGmustGfollowGthem



WhatGhasGtheGFASBGmaintainedGregardingGnewGGAAP?G-GCORRECTGANSWERG-
NewGGAAPGshouldGbeGneutralGandGnotGfavorGanyGparticularGreportingGobjective



WhichGcompaniesGviolateGSECGregulationsGbyGaGdepartureGfromGGAAP?G-GCORRECTGANSWERG-
PubliclyGtradedGcompanies



AccordingGtoGtheGFASBGconceptualGframework,GwhatGareGtheGobjectivesGofGfinancialGreportingGforGbusines
sGenterprisesGbasedGon?G-GCORRECTGANSWERG-TheGneedsGofGtheGusersGofGtheGinformation



AccordingGtoGtheGconceptualGframework,GtheGprocessGofGreportingGanGitemGinGtheGfinancialGstatementsGof
GanGentityGisGwhat?G-GCORRECTGANSWERG-Recognition




Conceptually,GinterimGfinancialGstatementsGcanGbeGdescribedGasGemphasizingG-GCORRECTGANSWERG-
TimelinessGoverGfaithfulGrepresentation

, AccordingGtoGtheGconceptualGframework,GtheGusefulnessGofGprovidingGinformationGinGfinancialGstatement
sGisGsubjectGtoGtheGconstraintGofG-GCORRECTGANSWERG-Cost-benefit



WhatGisGconceptualGframeworkGintendedGtoGestablish?G-GCORRECTGANSWERG-
TheGobjectivesGandGconceptsGforGuseGinGdevelopingGtheGstandardsGofGfinancialGaccounting



WhenGaGparent-
subsidiaryGrelationshipGexists,GconsolidatedGfinancialGstatementsGareGpreparedGinGrecognitionGofGtheGacco
untingGconceptGofG-GCORRECTGANSWERG-EconomicGentity



AccordingGtoGtheGFASBGconceptualGframework,GpredictiveGvalueGisGanGingredientGofGrelevance,Grepresenta
tion,Gboth,GorGneither?G-GCORRECTGANSWERG-Relevance



IsGtheGFASBGaGprivateGsectorGbody,GgovernmentalGunit,GinternationalGorganization,GorGgroupGofGaccountin
gGfirms?G-GCORRECTGANSWERG-PrivateGsectorGbody



WhichGofGtheGfollowingGaccountsGisGnotGclosed?

A.GCommonGstock

B.GDividendsG

C.GInterestGIncome

D.GProfitGSummaryG-GCORRECTGANSWERG-CommonGStock



WhatGisGtheGcorrectGsequenceGofGaccountingGprocedures?G-GCORRECTGANSWERG-
Journal,Gledger,GtrialGbalance,GfinancialGstatements



WhatGisGtheGprincipleGpurposeGofGposting?G-GCORRECTGANSWERG-ToGenterGtransactionsGintoGtheGledger



WhatGisGtheGcorrectGorderGtoGpresentGcurrentGassets?G-GCORRECTGANSWERG-
Cash,GaccountsGreceivables,Ginventories,GprepaidGitemsG(orderGofGliquidity)



ReportingGaccountsGreceivableGatGnetGrealizableGvalueGisGaGdepartureGfromGtheGaccountingGprincipleGofG-
GCORRECTGANSWERG-HistoricalGCost
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