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ACCOUNTING 201 - First Examination (continued) I MULTIPLE CHOICES: List the letter of the best choice in the space provided at the left of each item . The organization that is a governmental agency with direct influence on accounting is: a. CIA b. AICPA c. FASB d. SEC Which underlying concept supports the immediate recognition of a loss? a. Conservatism b. Expense Recognition c. Consistency d. Objectivity 2 he two parts that compose comprehensive income are Net Income and a. Other Comprehensive Income b. Operating Income c. Income from Continuing Operations -3. d. Neither is correct 4. A publication of the American Institute of Certified Public Accountants is a. b. c. d. e. "The Accounting Review" "The Journal of Accountancy" "The Management Accountant" Both a and b are correct Neither is correct 5. CPAs are licensed by: a. The AICPA b. The SEC c. The federal government d. The state government 6. Of the qualitative objectives of accounting information, the most important is: a. consistency b. comparability c. reliability d. relevance