BAO 1101 Study Guide - Quiz Guide: Intangible Asset, Deferral, Cash Flow Statement

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limefrog702

29 Jun 2018

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Ques"on Set

Ques"on 1 0 / 1 point

Which of the following is a qualita"ve characteris"c of a General

Purpose Accoun"ng Report:

monetary measurement

historical cost

reliability

going concern

Ques"on 2 1 / 1 point

A common characteris"c possessed by all assets is :

that they have a long life

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they are of signiﬁcant monetary value

they are all tangible

that they provide a future economic beneﬁt

Ques"on 3 1 / 1 point

The issue of shares would be classiﬁed in the Cash Flow Statement as an

example of :

an opera"ng ac"vity

an inves"ng ac"vity

a ﬁnancing ac"vity

a marke"ng ac"vity

Ques"on 4 0 / 1 point

The "Matching Process" refers to:

matching cash inﬂows with cash ou#lows

matching revenue received with expenses paid

matching revenue incurred with expenses earned.

matching revenue earned with expenses incurred

Ques"on 5 0 / 1 point

A company's trademark would be classiﬁed as a :

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Related Questions

Listed below are several information, characteristics, andaccounting principles and assumptions. Match the term with theappropriate phrase that states its application.
(Points : 30)

Potential Matches:

1 : Application of the same accounting principles as in thepreceding year

2 : Earning process completed and realized or realizable

3 : Notes as part of necessary information to a fairpresentation

4 : Valuing assets at amounts originally paid for them

5 : Yearly financial reports

6 : Stable dollar assumption

7 : Affairs of the business distinguished from those of itsowners

8 : Presentation of error-free information withrepresentational faithfulness

9 : Business enterprise assumed to have a long life

10 : Accruals and deferrals in adjusting and closingprocess

Answer

: Monetary unit assumption

: Revenue recognition principle

: Reliability characteristic

: Periodicity assumption

: Matching principle

: Full disclosure principle

: Economic entity assumption

: Going concern assumption

: Historical cost principle

: Consistency characteristic

byzantiumsnake275

Listed below are several terms and phrases associated with basic assumptions, broad accounting principles, and constraints. Pair each item from List A with the item from List B that is most appropriately associated with it.

List A =

1. Expense recognition

2. Periodictiy

3. Historical cost principle

4. Materiality

5. Revenue recognition

6. Going concern assumption

7. Monetary unit assumption

8. Economic entity assumption

9. Full-disclosure principle

List B =

1. A common denominator is the dollar

2. All information that could affect decisions should be reported

3. Concerns the relative size of an item and its effect on decisions

4. Criteria usually satisfied for products at point of sale

5. Record expenses in the preiod the related revenue is recognized

6. The enterprise is separate from its owners and other entities.

7. The entity will continue indefinitely

8. The life of an enterprise can be divided into artificial time periods.

9. Thje original transaction value upon acquistion.

blackreindeer745

1. Economic entity assumption 6. Matching principle
2. Going concern assumption 7. Full disclosure principle
3. Monetary unit assumption 8. Revenue recognition principle
4. Time period assumption 9. Materiality
5. Cost principle 10. Conservatism

(a) Is the rationale for why plant assets are not reported atliquidation value. (Do not use
historical cost principle.)
(b) Indicates that personal and business record-keeping should beseparately maintained.
(c) Ensures that all relevant financial information isreported.
(d) Assumes that the dollar is the âmeasuring stickâ used to reporton financial performance.
(e) Requires that the operational guidelines be followed for allsignificant items.
(f ) Separates financial information into time periods forreporting purpose.
(g) Requires recognition of expenses in the same period as relatedrevenues.
(h) Indicates that market value changes subsequent to purchase arenot recorded in the accounts.

brownhound203

BAO 1101 Study Guide - Quiz Guide: Intangible Asset, Deferral, Cash Flow Statement

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