ACCT 304 Intermediate Accounting

1. Question: (TCO 1) The SEC issues accounting standards in the form of:
2. Question: (TCO2) The FASB’s conceptual framework’s qualitative characteristics of accounting information include:
3. Question: (TCO 2) The conceptual framework’s recognition and measurement concepts recognize which of the following as a principle, rather than an assumption?
4. Question: (TCO 2) The assumption that in the absence of contrary information a business entity will continue indefinitely is the:
5. 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:
6. Question: (TCO 3) Recording revenue earned, but not yet collected, from a customer is an example of:
7. Question: (TCO 4) Accrued expenses:
8. Question: (TCO 3) Cost of goods sold is:
9. Question: (TCO 3) When an employer makes an end-of-period adjusting entry with a debit to supplies expense, the usual credit entry is made to:
10 .Question: (TCO 2) What are the key provisions of the Public Company Accounting Reform and Investor Protection (Sarbanes-Oxley) Act of 2002?
11. Question: (TCO 4) Provide an example of a liability that would not require the payment of cash.
12. Question: (TCO 5) List at least four operating activities that would be reported in the statement of cash flows for Wal-Mart. Assume the use of the direct method.