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devry acct304 week 1 quiz




Question;(TCO 1) The SEC issues accounting standards in the form of;accounting research bulletins.;financial reporting releases.;financial accounting standards.;financial technical bulletins.;Question 2. Question;(TCO 2) Enhancing qualitative characteristics of accounting;information include each of the following, except;timeliness.;materiality.;comparability.;verifiability.;Comments;Question 3. Question;(TCO 3) Hughes Aircraft sold a four-passenger airplane for;$380,000, receiving a $50,000 down payment and a 12% note for the balance. The;journal entry to record this sale would include a;credit to cash.;debit to cash discount.;debit to note receivable.;credit to note receivable.;Comments;Question 4. Question;(TCO 3) When a tenant makes an end-of-period adjusting entry;credit to the prepaid rent account;he or she usually debits cash.;he or she usually debits an expense account.;he or she debits a liability account.;he or she does none of the above.;Comments;Question 5. Question;(TCO 3) Permanent accounts would not include;interest expense.;wages payable.;prepaid rent.;unearned revenues.


Paper#38827 | Written in 18-Jul-2015

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