(TCO 1) The SEC issues accounting standards in the form of

accounting research bulletins.

financial reporting releases.

financial accounting standards.

financial technical bulletins.

:

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) Hughes Aircraft sold a four-passenger airplane for $380,000, receiving a $50,000 down payment and a 12% note for the balance. The journal entry to record this sale would include a

credit to cash.

debit to cash discount.

debit to note receivable.

credit to note receivable.

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.

 

 

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(TCO 1) The SEC issues accounting standards in the form of

accounting research bulletins.

financial reporting releases.

financial accounting standards.

financial technical bulletins.

:

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) Hughes Aircraft sold a four-passenger airplane for $380,000, receiving a $50,000 down payment and a 12% note for the balance. The journal entry to record this sale would include a

credit to cash.

debit to cash discount.

debit to note receivable.

credit to note receivable.

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.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *