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Int Acct 1midterm

In: Business and Management

Submitted By SohaniReaz
Words 2588
Pages 11
Page: | 1 2 | Question 1. | Question : | (TCO A) Which of the following statements is not an objective of financial reporting? | | | Student Answer: | | Provide information that is useful in investment and credit decisions. | | | | Provide information about enterprise resources, claims to those resources, and changes to them. | | | | Provide the liquidation value of a company. | | | | Provide information that is useful in assessing cash flow prospects. | | Instructor Explanation: | General Feedback: Chapter 1 | | | | Points Received: | 5 of 5 | | Comments: | | | | Question 2. | Question : | (TCO A) Under Sarbanes Oxley, the new law does not | | | Student Answer: | | require a national CPA license for all CPAs. | | | | establish an oversight board, called the Public Company Accounting Oversight Board, for accounting practices. | | | | require a company to maintain a system of internal controls. | | | | require codes of ethics for senior financial officers. | | Instructor Explanation: | General Feedback: Chapter 1 | | | | Points Received: | 5 of 5 | | Comments: | | | | Question 3. | Question : | (TCO A) Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information? | | | Student Answer: | | Consistency | | | | Verifiability | | | | Timeliness | | | | Comparability | | Instructor Explanation: | General Feedback: Chapter 2, page 52 | | | | Points Received: | 5 of 5 | | Comments: | | | | Question 4. | Question : | (TCO A) The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the same measurement methods is | | | Student Answer: |…...

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