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Devry ACCT 304 Week 1 Quiz




Question;1. (TCO 1) Which of the following was the first private sector entity that set accounting standards in the United States?;2. (TCO 2) The enhancing qualitative characteristic of understandability means that information should be understood by;3. (TCO 3) XYZ Corporation receives $100,000 from investors for issuing;them shares of its stock. XYZ's journal entry to record this;transaction would include a;4. (TCO 3) Cal Farms reported a supplies expense of $2,000,000 this;year. The supplies account decreased by $200,000 during the year to an;ending balance of $400,000. What was the cost of supplies Cal Farms;purchased during the year?;5. (TCO 3) Temporary accounts would not include


Paper#39219 | Written in 18-Jul-2015

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