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Intermediate Accounting
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BUS 475 EXAM 1 LATEST ACTUAL EXAM
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Intermediate Accounting
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Intermediate Accounting
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TEST BANK and SOLUTION MANUAL for IntermediateAccounting, 3rd Edition by Gordon, Raedy & Sannella
Charging off equipment that cost less than $20 would be an example of the
application of:
a. going concern
b. cost
c. matching
d. materiality
e. realization - ANSWER: d
(QUIZ) The going concern assumption:
a. is applicable to all financial statements
b. primarily involves periodic income measurement
c. allows for the statements to be prepared under generally accepted accounting
principles
d. requires that accounting procedures be the same from period to period
e. none of the answers are correct - ANSWER: c
Understating assets and revenues is justified based on:
a. realization assumption
b. matching
c. consistency
d. realization
e. none of the answers are correct - ANSWER: e
The assumption that enables us to prepare periodic statements between the time
that a business commences operations and the time it goes out of business is:
a. time period
b. business entity
c. historical cost
d. transaction
e. none of the answers are correct - ANSWER: a
Valuing assets at their liquidation values is not consistent with:
a. conservatism
b. materiality
c. going concern
d. time period
e. none of the answers are correct - ANSWER: c
The business being separate and distinct from the owners is an integral part of the:
a. time period assumption
, b. going concern assumption
c. business entity assumption
d. realization assumption
e. none of the answers are correct - ANSWER: c
The principle that assumes the reader of the financial statements is not interested in
the liquidation values is:
a. conservatism
b. matching
c. time period
d. realization
e. none of the answers are correct - ANSWER: e
An accounting period that ends when operations are at a low ebb is:
a. a calendar year
b. a fiscal year
c. the natural business year
d. an operating year
e. none of the answers are correct - ANSWER: c
The accounting principle that assumes that inflation will not take place or will be
immaterial is:
a. monetary unit
b. historical cost
c. realization
d. going concern
e. none of the answers are correct - ANSWER: a
Valuing inventory at the lower of cost or market is an application of the:
a. time period assumption
b. realization principle
c. going concern principle
d. conservatism principle
e. none of the answers are correct - ANSWER: d
The realization principle leads accountants to usually recognize revenue at:
a. the end of production
b. during production
c. the receipt of cash
d. the point of sale
e. none of the answers are correct - ANSWER: d
The comment that "items that are not material may be recorded in the financial
statements in the most economical and expedient manner possible" is
representative of:
a. matching
b. conservatism
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