Financial Accounting > EXAM > ACCT 301A- midterm exam-with 100% verified answers-2022 (All)

ACCT 301A- midterm exam-with 100% verified answers-2022

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CH 1 1. Which of the following generally provides a better indication of an enterprise’s present and continuing ability to generate favorable cash flows? (Accrual Basis Accounting) 2. The statemen ... t of retained earnings is one of the financial statements most frequently provided by public companies. (TRUE) 3. The role of the Securities and Exchange Commission (SEC) in the formulation of accounting standards can be best described as.( varied – the SEC relies on FASB to develop standards but gives advice and recommendations to the private sector as needed.) 4. The first step taken in the establishment of a typical FASB statement is: (topics are identified and placed on the board's agenda.) 5. Which of the following publications is not considered a GAAP document? (Statements of Financial Accounting Concept) 6. Politics play no role in establishing GAAP (Generally Accepted Accounting Principles). (False) 7. From the four statements that follow, which are true? 1. Technical competence is not enough when encountering ethical decisions. 2. The pressures “to bend the rules,” “to play the game,” “to just ignore it” can be considerable. 3. Time, job, client, personal, and peer pressures do not complicate the process of ethical sensitivity and selection among alternatives. 4. The decision may be easier because there is no comprehensive ethical system to provide guidelines. (1 & 2 are TRUE) CONTINUED......... [Show More]

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