Navigation » List of Schools » Cal State LA » Accounting » Accounting 3200A – Intermediate Financial Accounting & Reporting I » Spring 2022 » Chapter 1 Homework
Below are the questions for the exam with the choices of answers:
Question #1
A Periodicity assumption
B Cost effectiveness
C Economic entity assumption
D Going concern assumption
Question #2
A Economic entity assumption
B Conservatism
C Cost effectiveness
D Periodicity assumption
Question #3
A Historical cost principle
B Expense recognition
C Full-disclosure principle
D Materiality
Question #4
A Full-disclosure principle
B Monetary unit assumption
C Cost effectiveness
D Expense recognition
Question #5
A Materiality
B Economic entity assumption
C Conservatism
D Going concern assumption
Question #6
A Cost effectiveness
B Periodicity assumption
C Economic entity assumption
D Materiality
Question #7
A Periodicity assumption
B Cost effectiveness
C Economic entity assumption
D Historical cost principle
Question #8
A Materiality
B Expense recognition
C Economic entity assumption
D Cost effectiveness
Question #9
A Full-disclosure principle
B Expense recognition
C Periodicity assumption
D Historical cost principle
Question #10
A Full-disclosure principle
B Historical cost principle
C Expense recognition
D Monetary unit assumption
Question #11
A Disagree, Historical cost (original transaction value) principle
B Agree, Revenue recognition
C Disagree, Monetary unit assumption
D Agree, Materiality
Question #12
A Disagree, Periodicity assumption
B Agree, Materiality
C Disagree, Historical cost (original transaction value) principle
D Agree, Revenue recognition
Question #13
A Disagree, Monetary unit assumption
B Agree, Full disclosure principle
C Disagree, Materiality
D Agree, Revenue recognition
Question #14
A Disagree, Monetary unit assumption
B Disagree, Periodicity assumption
C Disagree, Historical cost (original transaction value) principle
D Agree, Full disclosure principle
Question #15
A Disagree, Historical cost (original transaction value) principle
B Disagree, Materiality
C Agree, Expense recognition
D Agree, Monetary unit assumption
Question #16
A Disagree, Periodicity assumption
B Agree, Expense recognition
C Disagree, Full disclosure principle
D Agree, Full disclosure principle
Question #17
A Agree, Full disclosure principle
B Disagree, Monetary unit assumption
C Agree, Revenue recognition
D Disagree, Materiality
Question #18
A The periodicity assumption
B Materiality
C The economic entity assumption
D Revenue recognition
Question #19
A The periodicity assumption
B The going concern assumption
C Expense recognition (also the going concern assumption)
D The historical cost (original transaction value) principle
Question #20
A Expense recognition (also the going concern assumption)
B The periodicity assumption
C The economic entity assumption
D Revenue recognition
Question #21
A Materiality
B Revenue recognition
C The historical cost (original transaction value) principle
D The going concern assumption
Question #22
A The going concern assumption
B Revenue recognition
C The historical cost (original transaction value) principle
D Expense recognition (also the going concern assumption)
Question #23
A The historical cost (original transaction value) principle
B Expense recognition (also the going concern assumption)
C The periodicity assumption
D Revenue recognition
Question #24
A Expense recognition (also the going concern assumption)
B The historical cost (original transaction value) principle
C The economic entity assumption
D The periodicity assumption
Question #25
A All information that could affect decisions should be reported.
B The life of an enterprise can be divided into artificial time periods.
C The original transaction value upon acquisition.
D Record expenses in the period the related revenue is recognized.
Question #26
A The entity will continue indefinitely.
B The life of an enterprise can be divided into artificial time periods.
C The enterprise is separate from its owners and other entities.
D Criteria usually satisfied for products at point of sale.
Question #27
A The enterprise is separate from its owners and other entities.
B The original transaction value upon acquisition.
C A common denominator is the dollar.
D All information that could affect decisions should be reported.
Question #28
A The entity will continue indefinitely.
B Criteria usually satisfied for products at point of sale.
C The entity will continue indefinitely.
D The life of an enterprise can be divided into artificial time periods.
Question #29
A The entity will continue indefinitely.
B A common denominator is the dollar.
C The enterprise is separate from its owners and other entities.
D Criteria usually satisfied for products at point of sale.
Question #30
A The life of an enterprise can be divided into artificial time periods.
B The entity will continue indefinitely.
C Concerns the relative size of an item and its effect on decisions.
D A common denominator is the dollar.
Question #31
A The entity will continue indefinitely.
B The original transaction value upon acquisition.
C Concerns the relative size of an item and its effect on decisions.
D Criteria usually satisfied for products at point of sale.
Question #32
A The life of an enterprise can be divided into artificial time periods.
B A common denominator is the dollar.
C The enterprise is separate from its owners and other entities.
D The entity will continue indefinitely.
Question #33
A Record expenses in the period the related revenue is recognized.
B The life of an enterprise can be divided into artificial time periods.
C The original transaction value upon acquisition.
D Concerns the relative size of an item and its effect on decisions.
Question #34
A Consistency
B Neutrality
C Timeliness
D Cost effectiveness
Question #35
A Neutrality
B Materiality
C Comparability
D Consistency
Question #36
A Consistency
B Timeliness
C Predictive value and/or confirmatory value
D Faithful representation
Question #37
A Predictive value and/or confirmatory value
B Cost effectiveness
C Comparability
D Faithful representation
Question #38
A Timeliness
B Materiality
C Neutrality
D Consistency
Question #39
A Faithful representation
B Timeliness
C Comparability
D Consistency
Question #40
A Materiality
B Timeliness
C Consistency
D Neutrality
Question #41
A Materiality
B Consistency
C Timeliness
D Neutrality
Question #42
A Asset
B Expense
C Equity
D Net income
Question #43
A Investment by owner
B Comprehensive income
C Net income
D Asset
Question #44
A Net income
B Loss
C Equity
D Gain
Question #45
A Investment by owner
B Expense
C Net income
D Asset
Question #46
A Equity
B Net income
C Investment by owner
D Asset
Question #47
A Distribution to owners
B Loss
C Equity
D Revenue
Question #48
A Loss
B Equity
C Asset
D Gain
Question #49
A Comprehensive income
B Net income
C Investment by owner
D Asset
Question #50
A Assets, liabilities and equity
B Gain
C Loss
D Comprehensive income
Question #51
A Revenue
B Net income
C Investment by owner
D Expense
Question #52
A Gain
B Assets, liabilities and equity
C Distribution to owners
D Comprehensive income
Question #53
A Liability
B Equity
C Revenue
D Distribution to owners
Question #54
A Disagree, Expense recognition
B Agree, Revenue recognition
C Disagree, Periodicity assumption
D Agree, Expense recognition
Question #55
A Agree, Revenue recognition
B Agree, Expense recognition
C Disagree, Full disclosure principle
D Disagree, Expense recognition
Question #56
A Agree, Periodicity assumption
B Disagree, Periodicity assumption
C Disagree, Expense recognition
D Agree, Full disclosure principle
Question #57
A Agree, Expense recognition
B Disagree, Full disclosure principle
C Agree, Full disclosure principle
D Disagree, Periodicity assumption
Question #58
Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $315,000; Cash paid for rent, $35,000; Cash paid to employees for services rendered during the year, $115,000; Cash paid for utilities, $45,000.
In addition, you determine that customers owed the company $55,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $1,500 at year-end, and the rent payment was for a two-year period.
Calculate accrual net income for the year.
A $191,000
B $178,000
C $155,000
D $200,000