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Chapter 2: Measurement Concepts: Recording Business Transactions

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Question;58. When;a business reports an asset at an inflated dollar amount, is has violated the;measurement issue of;A. recognition.;B. valuation.;C. classification.;D. realization.;59. Which;of the following is not a measurement issue in accounting?;A. When to record a business transaction.;B. How to classify the items of a business transaction.;C. When to classify the items of a business transaction.;D. Where to record a business transaction.;60. The;issue of deciding when to record a transaction is solved by;A. properly classifying the transaction.;B. deciding on a point of recognition.;C. assigning historical cost to the transaction.;D. analyzing the intent of management.;61. The;cost principle relates most closely to the;A. recognition point.;B. recognition issue.;C. valuation issue.;D. classification issue.;62. Which;of the following is not a measurement issue in accounting?;A. Valuation.;B. Recognition.;C. Evaluation.;D. Classification.;63. Which;of the following is an illustration of the classification issue?;A. At what amount should land be shown on the balance sheet?;B. At what point should the payment of salaries to employees be recorded?;C. Should supplies be recorded as an asset or as an expense?;D. At what point should a bill be paid for the purchase of an item?;64. When;a business erroneously records expenses as assets, it has violated the;measurement issue of;A. communication.;B. classification.;C. valuation.;D. realization.;65. After;initially recording an asset at cost, fair value is;A. the price at which an asset couldbe sold in a current;transaction between independent parties.;B. the actual, or historical, price at which the asset was acquired.;C. the easiest value used to measure and record assets.;D. verifiable at all future dates by referring to the invoice price paid;for the asset.

 

Paper#55134 | Written in 18-Jul-2015

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