29 Jun Question 1. Rules and concepts that govern the reporting of financial statements are called:
Question
1. Rules and concepts that govern the reporting of financial statements are called:
a. Principles of Accounting
b. Generally Accepted Accounting Principles
c. Securities Exchange Commission
d. Accounting Assumptions
2. The private group that currently has the authority to establish generally accepted accounting principles in the United States is the:
a. APB
b. IASB
c. SEC
d. FASB
3. The two primary external users of the financial statements are: (Hint: consider appropriate synonyms.)
a. IRS and owners
b. IRS and creditors
c. management and creditors
d. creditors and owners
4. An asset is best defined as:
a. residual interest of owners.
b. economic resource obtained as a result of past transactions. Assets will be used to generate revenues.
c. something that has been used to generate revenues.
d. something owned.
5. Revenue is properly recognized:
a. When cash from a sale is received
b. When the customer’s order is received.
c. Only if the transaction creates an account receivable.
d. Upon completion of the sale or when services have been performed.
6. The Maxim Company acquired a building for $500,000. Maxim had the building appraised, and found that the building was easily worth $575,000. The seller had paid $300,000 for the building 6 years ago. Which accounting principle would require Maxim to record the building on its records at $500,000?
a. Monetary unit assumption.
b. Going-concern assumption.
c. Cost principle.
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