ACC 14 Final Exam Date:, Multiple Choice questions -3 pts. each 1) Which of the

Question

ACC 14 Final Exam Date:, Multiple Choice questions -3 pts. each 1) Which of the following organizations is responsible for the creation and govemance of accounting standards in the United States? A) Financial Accounting Standards Board B) Instbule of Management Accountants C) American Institute of Cerbfied Public Accountants D) Securities and Exchange Commission 2) GAAP refer to guidelines for accounting information in the United States. The acronym GAAP in this statement refers to A) Globally Accepted and Accurate Policies B) Global Accommodation Accounting Principles C) Generally Aocredited Accounting Policies D) Generally Accepted Accounting Principles 3) Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. 8) The sole proprietor is personally lable for the labilities of the business C) A sole proprietorship is taxed separately from the owner D) A sole proprietorship has to pay business income taxes. 4) Loma Smith decided to start her own CPA practice as a professional corporation, Smith CPA PC. Her corporation purchased an office building for $35,000 that her real estate corporation recorded the building as a $50,000 asset because Loma believes that is the real value of the building. Which of the following concepts or principles of accounting is being violated? agent said was worth $50,000 in the current market. The A) cost principle B) economic entity assumption C) monetary unit assumption D) going concern assumption 5) Which of the following is the correct accounting equation? A) Assets Liabilities Equity B) Assets Liabilities + Equity C) Assets+ RevenuesEquity D) Assets + Revenues Liabilities+ Expenses 6) A liabilty created when a business collects cash from customers in advance of providing services or delivering goo called a(n) A) notes receivable B) unearned revenue C) accrued liability D) service revenue

Explanation / Answer

As per chegg policy maximum four sub parts of a question can be answered, if you want answer of more sub parts pl. ask it separately on Chegg website

1 Option "D) Securities and Exchange Commission" is correct 2 Option "D) Generally Accepted Accounting Principles" is correct 3 Option "B) The sole proprietor is personally liable for the liabilitis of the business" is correct 4 Option "A) cost principle " is correct

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.