You are watching: The accounting concept that requires financial statement information to be supported by independent
All of the following about a Certified Public Accountant are true except:a. Must satisfy education and experience needs.b. Must pass an examination.c. Must exhibit moral character.d. May also be a Certified Management Accountant.e. Cannot host any certificate other than a CPA.
The bookkeeping concept that calls for financial statement indevelopment to be sustained by independent, unbiased evidence is:a. Company entity assumption.b. Revenue recognition principle.c. Going-worry assumption.d. Time-period assumption.e. Objectivity principle.
A corporation is:a. A organization legally sepaprice from its owners.b. Controlled by the FASB.c. Not responsible for its own acts and own debts.d. The same as a restricted licapacity partnership.e. Not subject to double tax.
The independent team that is attempting to harmonize accountancy methods of different countries is the:a. AICPA.b. IASB.c. CAP.d. SEC.e. FASB.
The private-sector team that currently has the authority to create mainly accepted accounting values in the United States is the:a. APB.b. FASB.c. AAA.d. AICPA.e. SEC.
The accounting concept that calls for eexceptionally organization to be accounted for independently from other company entities, consisting of its owner or owners is known as the:a. Time-period assumption.b. Firm entity presumption.c. Going-problem assumption.d. Revenue recognition principle.e. Cost principle.
The dominion that calls for financial statements to reflect the assumption that the organization will certainly proceed operating instead of being closed or sold, unmuch less evidence mirrors that it will not proceed, is the:a. Going-concern presumption.b. Company entity presumption.c. Objectivity principle.d. Cost Principle.e. Monetary unit assumption.
The accountancy principle that needs accounting indevelopment to be based upon actual cost and requires assets and also services to be tape-recorded initially at the cash or cash-indistinguishable amount given in exchange, is the:a. Accounting equation.b. Cost principle.c. Going-concern assumption.d. Realization principle.e. Firm entity presumption.
The ascendancy that (1) needs revenue to be well-known at the time it is earned, (2) enables the incirculation of assets associated via revenue to be in a kind various other than cash, and also (3) steps the amount of revenue as the cash plus the cash tantamount value of any kind of noncash assets got from customers in exreadjust for products or solutions, is called the:a. Going-concern presumption.b. Cost principle.c. Revenue acknowledgment principle.d. Objectivity principle.e. Firm entity assumption.
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The question of when revenue should be recognized on the revenue statement according to GAAP is addressed by the:a. Revenue recognition principle.b. Going-concern presumption.c. Objectivity principle.d. Firm entity presumption.e. Cost principle.
Overview to Managerial Accounting through Connect Plusfifth EditionEric W. Noreen, Peter C. Brewer, Ray H Garrison