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Chapter 2: Measurement Concepts: Recording Business Transactions

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Question;105. Which;of the following guidelines is correct?;A. Dollar signs ($) are required in all financial statements and other;schedules.;B. Account names are capitalized when referenced in text or listed in work;documents like the journal or ledger.;C. In financial statements only the first word of an account name is;capitalized.;D. All of these choices.;106. Which;of the following is a business event that is not considered a recordable;transaction?;A. A company receives a product previously ordered.;B. A company pays an employee for work performed.;C. A customer inquires about the availability of a service.;D. A customer purchases a service.;107. Which;of the following is a business event that is considered a recordable;transaction?;A. A company hires a new employee.;B. A customer purchases merchandise.;C. A company orders a product from a supplier.;D. An employee sends a purchase requisition to the purchasing department.;108. A;purchase is recognized in the accounting records when;A. payment is made for the item purchased.;B. the purchase requisition is sent to the purchasing department.;C. title transfers from the seller to the buyer.;D. the buyer receives the seller's bill.;109. Which;of the following business events is not a transaction?;A. Signing a contract.;B. Paying wages.;C. Receiving goods.;D. Purchasing a service.;110. Which;of the following is not an example of obvious financial reporting frauds;as discussed in the text?;A. Keeping the books open for a few days after the end of the reporting;period.;B. Transferring assets to an affiliate at more than their actual value.;C. Recording as assets expenditures that should have been classified as;expenses.;D. Recording a liability when title to merchandise passes to the;purchaser.;111. Which;of the following is an example of an obvious financial reporting fraud as;discussed in the text?;A. Closing the books at the end of the reporting period.;B. Transferring assets to an affiliate at more than their actual value.;C. Recording as expenses expenditures that should have been classified as;expenses.;D. Recording a liability when title to merchandise passes to the;purchaser.;112. Slim;Co. is ordering a new computer for its corporate office. Which of the;following events would trigger the recognition of the computer and related;liability on Slim?s books?;A. The company generates a purchase order.;B. The purchasing department sends a purchase order to the supplier.;C. The company receives the computer.;D. The company receives the bill from the supplier.

 

Paper#55138 | Written in 18-Jul-2015

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