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Acc 101 || with 100% Accurate Solutions.
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Accounting is an information and measurement system that does all of the following except Identifies business activities Records business activities Communicates business activities Eliminates the need for interpreting financial data Helps people make better decisions correct an...

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  • August 9, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • accounting is an information and measurement syste

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  • Acc 101
  • Acc 101

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Acc 101 || with 100% Accurate Solutions.
Accounting is an information and measurement system that does all of the following except

Identifies business activities

Records business activities

Communicates business activities

Eliminates the need for interpreting financial data

Helps people make better decisions correct answers Eliminates the need for interpreting financial
data

Technology:

Has replaced accounting

Has not improved the clerical accuracy of accounting

"Reduces the time, effort and cost of recordkeeping"

In accounting has replaced the need for decision makers

In accounting is only available to large corporations correct answers Reduces the time, effort and
cost of recordkeeping"

The primary objective of financial accounting is to:

Serve the decision-making needs of internal users

Provide accounting information that serves external users

Monitor and control company activities

Provide information on both the costs and benefits of looking after products and services.

"Know what, when, and how much product to produce" correct answers Provide accounting
information that serves external users

A corporation is

A business legally separate from its owners

Controlled by the FASB

,Not responsible for its own acts and own debts

The same as a limited liability partnership

Not subject to double taxation correct answers A business legally separate from its owners

The conceptual framework that the Financial Accounting Standards Board (FASB) and the
International Accounting Standards Board (IASB) are attempting to converge and enhance
includes the following broad areas to guide standard setting except:

Objectives

Qualitative characteristics

Uniformity

Elements

Recognition and measurement correct answers Uniformity

The accounting concept that requires every business to be accounted for separately from other
business entities, including its owner or owners is known as the:"

Time-period assumption

Business entity assumption

Going-concern assumption

Revenue recognition principle

Cost principle correct answers Business entity assumption

"The rule that requires financial statements to reflect the assumption that the business will
continue operating instead of being closed or sold, unless evidence shows that it will not
continue, is the:"

Going-concern assumption

Business entity assumption

Objectivity principle

Cost Principle

Monetary unit assumption correct answers Going-concern assumption

, "If a company is considering the purchase of a parcel of land that was acquired by the seller for
$85,000, is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by
the purchaser as easily being worth $140,000, and is purchased for $137,000, the land should be
recorded in the purchaser's books at:"

"95,000"

"$137,000 "

"$138,500 "

"$140,000 "

"$150,000 " correct answers 137,000

To include the personal assets and transactions of a business's stockholders in the records and
reports of the business would be in conflict with the:

Objectivity principle

Monetary unit assumption

Business entity assumption

Going-concern assumption

Revenue recognition principle correct answers Business entity assumption

"On May 31 of the current year, the assets and liabilities of Riser, Inc. are as follows: Cash
$20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable,
$9,300. What is the amount of stockholders' equity as of May 31 of the current year?"

"$8,300 "

"$13,050 "

"$20,500 "

"$31,100 "

"$40,400 " correct answers 31,100

The accounting process begins with:

Analysis of business transactions and source documents

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