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Devry ACCT304 Midterm exam




Question;1. (TCO 1) Pronouncements issued by the Committee on Accounting Procedures:2. (TCO 2) The FASB's conceptual framework's qualitative characteristics of accounting information include:3. (TCO 2) The conceptual framework's recognition and measurement concepts recognize which of the following as a principle, rather than an assumption?4. (TCO 2) Recognizing expected losses immediately, but deferring expected gains, is an example of:5. (TCO 3) A sale on account would be recorded by:6. (TCO 3) Recording revenue earned, but not yet collected, from a customer is an example of:7. (TCO 4) Accrued expenses:8. (TCO 3) A future economic benefit owned or controlled by an entity is:9. (TCO 3) The adjusting entry required to record accrued expenses includes:Essay1. (TCO 2) Explain and show an example of how the FASB's conceptual framework is needed in formulating standards on controversial topics.2. (TCO 4) - Briefly explain the purpose of the disclosure note on significant accounting policies. Provide two examples of what might be found in this note.3. (TCO 5)What are the key provisions of the Public;Company Accounting Reform and Investor Protection (Sarbanes-Oxley) Act of 2002?


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