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 Going concern assumption
B Economic entity assumption
C Periodicity assumption
D Cost effectiveness
Question #2
A Cost effectiveness
B Economic entity assumption
C Periodicity assumption
D Conservatism
Question #3
A Full-disclosure principle
B Materiality
C Historical cost principle
D Expense recognition
Question #4
A Cost effectiveness
B Monetary unit assumption
C Full-disclosure principle
D Expense recognition
Question #5
A Materiality
B Conservatism
C Economic entity assumption
D Going concern assumption
Question #6
A Materiality
B Cost effectiveness
C Periodicity assumption
D Economic entity assumption
Question #7
A Cost effectiveness
B Historical cost principle
C Periodicity assumption
D Economic entity assumption
Question #8
A Materiality
B Expense recognition
C Cost effectiveness
D Economic entity assumption
Question #9
A Periodicity assumption
B Historical cost principle
C Full-disclosure principle
D Expense recognition
Question #10
A Expense recognition
B Full-disclosure principle
C Monetary unit assumption
D Historical cost principle
Question #11
A Disagree, Historical cost (original transaction value) principle
B Agree, Materiality
C Agree, Revenue recognition
D Disagree, Monetary unit assumption
Question #12
A Agree, Revenue recognition
B Disagree, Periodicity assumption
C Disagree, Historical cost (original transaction value) principle
D Agree, Materiality
Question #13
A Disagree, Materiality
B Agree, Revenue recognition
C Agree, Full disclosure principle
D Disagree, Monetary unit assumption
Question #14
A Disagree, Monetary unit assumption
B Agree, Full disclosure principle
C Disagree, Periodicity assumption
D Disagree, Historical cost (original transaction value) principle
Question #15
A Agree, Monetary unit assumption
B Disagree, Materiality
C Disagree, Historical cost (original transaction value) principle
D Agree, Expense recognition
Question #16
A Disagree, Periodicity assumption
B Agree, Full disclosure principle
C Agree, Expense recognition
D Disagree, Full disclosure principle
Question #17
A Agree, Revenue recognition
B Agree, Full disclosure principle
C Disagree, Materiality
D Disagree, Monetary unit assumption
Question #18
A Materiality
B The periodicity assumption
C The economic entity assumption
D Revenue recognition
Question #19
A The going concern assumption
B Expense recognition (also the going concern assumption)
C The historical cost (original transaction value) principle
D The periodicity assumption
Question #20
A The periodicity assumption
B Expense recognition (also the going concern assumption)
C The economic entity assumption
D Revenue recognition
Question #21
A The historical cost (original transaction value) principle
B The going concern assumption
C Materiality
D Revenue recognition
Question #22
A Revenue recognition
B The historical cost (original transaction value) principle
C Expense recognition (also the going concern assumption)
D The going concern assumption
Question #23
A The historical cost (original transaction value) principle
B Revenue recognition
C The periodicity assumption
D Expense recognition (also the going concern assumption)
Question #24
A The periodicity assumption
B The historical cost (original transaction value) principle
C Expense recognition (also the going concern assumption)
D The economic entity assumption
Question #25
A The life of an enterprise can be divided into artificial time periods.
B Record expenses in the period the related revenue is recognized.
C The original transaction value upon acquisition.
D All information that could affect decisions should be reported.
Question #26
A The life of an enterprise can be divided into artificial time periods.
B The enterprise is separate from its owners and other entities.
C The entity will continue indefinitely.
D Criteria usually satisfied for products at point of sale.
Question #27
A A common denominator is the dollar.
B All information that could affect decisions should be reported.
C The enterprise is separate from its owners and other entities.
D The original transaction value upon acquisition.
Question #28
A The life of an enterprise can be divided into artificial time periods.
B The entity will continue indefinitely.
C Criteria usually satisfied for products at point of sale.
D The entity will continue indefinitely.
Question #29
A The entity will continue indefinitely.
B Criteria usually satisfied for products at point of sale.
C A common denominator is the dollar.
D The enterprise is separate from its owners and other entities.
Question #30
A The entity will continue indefinitely.
B Concerns the relative size of an item and its effect on decisions.
C A common denominator is the dollar.
D The life of an enterprise can be divided into artificial time periods.
Question #31
A Criteria usually satisfied for products at point of sale.
B The original transaction value upon acquisition.
C The entity will continue indefinitely.
D Concerns the relative size of an item and its effect on decisions.
Question #32
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 The life of an enterprise can be divided into artificial time periods.
Question #33
A Record expenses in the period the related revenue is recognized.
B Concerns the relative size of an item and its effect on decisions.
C The life of an enterprise can be divided into artificial time periods.
D The original transaction value upon acquisition.
Question #34
A Timeliness
B Cost effectiveness
C Consistency
D Neutrality
Question #35
A Materiality
B Neutrality
C Comparability
D Consistency
Question #36
A Predictive value and/or confirmatory value
B Faithful representation
C Timeliness
D Consistency
Question #37
A Comparability
B Faithful representation
C Cost effectiveness
D Predictive value and/or confirmatory value
Question #38
A Timeliness
B Neutrality
C Materiality
D Consistency
Question #39
A Comparability
B Consistency
C Timeliness
D Faithful representation
Question #40
A Neutrality
B Consistency
C Materiality
D Timeliness
Question #41
A Consistency
B Materiality
C Neutrality
D Timeliness
Question #42
A Net income
B Asset
C Equity
D Expense
Question #43
A Investment by owner
B Asset
C Comprehensive income
D Net income
Question #44
A Gain
B Loss
C Equity
D Net income
Question #45
A Net income
B Investment by owner
C Expense
D Asset
Question #46
A Net income
B Investment by owner
C Asset
D Equity
Question #47
A Distribution to owners
B Revenue
C Equity
D Loss
Question #48
A Asset
B Loss
C Equity
D Gain
Question #49
A Asset
B Net income
C Comprehensive income
D Investment by owner
Question #50
A Gain
B Comprehensive income
C Assets, liabilities and equity
D Loss
Question #51
A Net income
B Investment by owner
C Revenue
D Expense
Question #52
A Comprehensive income
B Assets, liabilities and equity
C Gain
D Distribution to owners
Question #53
A Liability
B Revenue
C Equity
D Distribution to owners
Question #54
A Disagree, Expense recognition
B Agree, Expense recognition
C Disagree, Periodicity assumption
D Agree, Revenue recognition
Question #55
A Agree, Expense recognition
B Agree, Revenue recognition
C Disagree, Expense recognition
D Disagree, Full disclosure principle
Question #56
A Disagree, Expense recognition
B Agree, Full disclosure principle
C Agree, Periodicity assumption
D Disagree, Periodicity assumption
Question #57
A Disagree, Periodicity assumption
B Agree, Expense recognition
C Agree, Full disclosure principle
D Disagree, Full disclosure principle
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 $155,000
C $178,000
D $200,000