1. in Making a forecast the accountant minimizes expected revenues and maximizes

Question

1. in Making a forecast the accountant minimizes expected revenues and maximizes expected expenses this generally accepted accounting principle is.
A. materiality
B. going concern
C. monetary concept
D. conservatism

2. Accounting reports are prepare for and pertain to specific entities this generally accepted accounting principle is.
A. matching
B. economic entity
C. reliability
D. conservatism

3. Of a port showing recent inventory levels with sent by Jane Thompson to her manager this is an example of
A tax accounting
B financial accounting
C managerial accounting
D None

4. an inventory level forecast is an example of
A tax accounting
B managerial accounting
C financial accounting
D none

5. Academic accountants are members of which are the following associations
A. FASB
B. AAA
C. CASB
D. SEC

6. If to estimate of   Receipts are equally likely the lesser amount should be reported. This generally accepted accounting principle is
A. going concern
B. matching
C. monetary concept
D. none

7. On the balance sheet adjusted cost of equipment equals acquisition less
A. original cost
B. depreciation
C. maintainance
D. none

8. to increase a liability account use a
A. debit entry
B. credit entry
C. neither

9. Brown LLC has PP and E (net) of 250 on 12/31/15 and 230 on 12/31/14. Depreciation for 2015 is 240. acquisitions net of dispositions for 2015 is
A. 300
B. 310
C. 320
D. none

Explanation / Answer

Question - 1 ...... D.Conservatism

This is accountants practice to make profit picture does not decrease and leaving the chance for increase as an addition to it. Thus expect less and feel happy when things go better than that.

Question - 2 ......B. economic entity

Question - 3 .........C . Managerial Accounting

Question - 4 ........... B. Managerial Accouning

Since Inventory aspects are ment for internal use of managers in decision making.

Question - 5 ........ B . AAA ( Stands for American Accounting Association)

Question - 6 ..........D . None

The statement is refering to Realisation concept of accounting.

Question - 7 ...........B. Depreciation

Question - 8 ..........B. Credit entry.

Assets increase with debit entry and liabilities the opposite will increase with corresponding credit.

Question - 9 ......... D. None

Acquisitions net of disposition = Ending balance + Depreciation - Beginning balance

= 250 + 240 - 230 = 260 .......... not given. Hence choose ......... D. None

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