ACCT 304 Final Exam Assessment Latest Questions and Answers

Question 1. Question : (TCO 1) The FASB's standard-setting process includes, in the correct order, Student Answer: exposure draft, research, discussion paper, and accounting standards update. research, exposure draft, discussion paper, and accounting standards update. research, discussion paper, exposure draft, and accounting standards update. discussion paper, research, exposure draft, and accounting standards update. Instructor Explanation: See Chapter 1 Question 2. Question : (TCO 1) When a registrant company submits its annual filing to the SEC, it uses Student Answer: Form 10-A. Form 10-K. Form 10-Q. Form S-1. Instructor Explanation: See Chapter 1 Question 3. Question : (TCO 2) SFAC No. 5 focuses on Student Answer: objectives of financial reporting. qualitative characteristics of accounting information. recognition and measurement concepts in accounting. elements of financial statements. Instructor Explanation: See Chapter 1 Question 4. Question : (TCO 2) Net income equals Student Answer: assets minus liabilities. revenues minus cost of goods sold. revenues minus expenses. cash receipts minus cash payments. Instructor Explanation: See Chapter 1 Question 5. Question : (TCO 3) A sale on account would be recorded by Student Answer: debiting revenue. crediting assets. crediting liabilities. debiting assets.