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devry acc304 week 1 quiz




Question;(TCO 1) The FASB's standard-setting process includes, in the;correct order;exposure draft, research, discussion paper;and accounting standards update.;research, exposure draft, discussion paper;and accounting standards update.;research, discussion paper, exposure draft;and accounting standards update.;discussion paper, research, exposure draft;and accounting standards update.;Comments;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) 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;debit to investments.;credit to retained earnings.;credit to capital stock.;credit to revenue.;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.;Comments


Paper#40368 | Written in 18-Jul-2015

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