ACCT 304 Quiz 1 - 100% Correct, Rated A+

Week 1 Quiz 1. Question : (TCO 1) The SEC issues accounting standards in the form of Question 2. Question : (TCO 2) Enhancing qualitative characteristics of accounting information includes each of the following, except Question 3. Question : (TCO 3) XYZ Corporation receives $100,000 from investors for issuing them shares of its stock. XYZ's journal entry to record this transaction would include a Question 4. Question : (TCO 3) Cal Farms reported a supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies Cal Farms purchased during the year? Question 5. Question : (TCO 3) The purpose of closing entries is to transfer