ACCT 304

ACCT 304 DEVRY FINAL EXAM APRIL 2016

ACCT 304 DeVry Final Exam April 2016

Question 1. 1. (TCO 1) CPAs are licensed by (Points : 6)

the AICPA.

the SEC.

the federal government.

state governments.

Question 2. 2. (TCO 1) The International Accounting Standards Board (Points : 6)

was the predecessor to the IASC.

can overrule the FASB when their policies disagree.

promotes the use of high-quality, understandable global accounting standards.

has its headquarters in Geneva.

Question 3. 3. ACCT304DeVryFinalExam (TCO 2) SFAC click here No. 5 focuses on (Points : 6)

objectives of financial reporting.

qualitative characteristics of accounting information.

recognition and measurement concepts in accounting.

elements of financial statements.

Question 4. 4. (TCO 2) Enhancing qualitative characteristics of accounting information include (Points : 6)

relevance and comparability.

comparability and timeliness.

understandability and relevance.

neutrality and consistency.

Question 5. 5. (TCO 3) Incurring an expense for advertising on an account would be recorded by (Points : 6)

debiting liabilities.

crediting assets.

debiting an expense.

debiting assets.

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