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Acc 421 Final Exam
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1) An accrued expense can best be described as an amount
A.paid and currently matched with earnings.
B.not paid and not currently matched with earnings.
C.not paid and currently matched with earnings.
D.paid and not currently matched with earnings.
2) When an item of revenue is collected and recorded in advance, it is normally called a(n)
___________ revenue.
A.unearned
B.prepaid
C.accrued
D.cash
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3) When an item of expense is paid and recorded in advance, it is normally called a(n)
4) A common set of accounting standards and procedures are called

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5) One objective of financial reporting is to provide
6) The information provided by financial reporting pertains to
7) The Financial Accounting Foundation
8) The major distinction between the Financial Accounting Standards Board (FASB) and its
predecessor, the Accounting Principles Board (APB), is
9) The body that has the power to prescribe the accounting practices and standards to be
employed by companies that fall under its jurisdiction is the
10) Limitations of the income statement include all of the following except
11) The income statement reveals
12) Which of the following would represent the least likely use of an income statement prepared
for a business enterprise?
13) The process of formally recording or incorporating an item in the financial statements of an
entity is
14) Which of the following is not a reason why revenue is recognized at time of sale?
15) Which of the following is not an accurate representation concerning revenue recognition?
16) One criticism not normally aimed at a balance sheet prepared using current accounting and
reporting standards is
17) The basis for classifying assets as current or noncurrent is conversion to cash within
18) The correct order to present current assets is
19) If a business entity entered into certain related party transactions, it would be required to
disclose all of the following information except the
20) Events that occur after the December 31, 2008 balance sheet date (but before the balance
sheet is issued) and provide additional evidence about conditions that existed at the balance sheet
date and affect the realizability of accounts receivable should be
21) The full disclosure principle, as adopted by the accounting profession, is best described by
which of the following?
22) The MD&A section of an enterprise's annual report is to cover the following three items:
23) If the financial statements examined by an auditor lead the auditor to issue an opinion that
contains an exception that is not of sufficient magnitude to invalidate the statement as a whole,
the opinion is said to be
24) Which of the following best characterizes the difference between a financial forecast and a
financial projection?
25) Theoretically, in computing the receivables turnover, the numerator should include
26) Which of the following ratios measures long-term solvency?

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34) Which of the following transactions would require the use of the present value of an annuity
due concept in order to calculate the present value of the asset obtained or liability owed at the
date of incurrence?
35) Which of the following tables would show the smallest value for an interest rate of 5% for
six periods?
36) Which table would show the largest factor for an interest rate of 8% for five periods?
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27) The rate of return on common stock equity is calculated by dividing
28) The primary purpose of the statement of cash flows is to provide information
29) The first step in the preparation of the statement of cash flows requires the use of information
included in which comparative financial statements?
30) To arrive at net cash provided by operating activities, it is necessary to report revenues and
expenses on a cash basis. This is done by
31) The amortization of bond premium on long-term debt should be presented in a statement of
cash flows (using the indirect method for operating activities) as a(n)
32) In determining net cash flow from operating activities, a decrease in accounts payable during
a period
33) In reporting extraordinary transactions on a statement of cash flows (indirect method), the