Quiz 1: Ch 2 & 3

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Question 2 of 8

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In the International Accounting Standards Boards (IASBs) Conceptual Framework, a fundamental qualitative characteristic is Select answer from the options below

Neutrality.

Materiality.

Decision usefulness.

Faithful representation.

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Quiz 1: Ch 2 & 3

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Question 3 of 8

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Company A issuing its annual financial reports within one month of the end of the year is an example of which enhancing quality of accounting information? Select answer from the options below

Verifiability.

Timeliness.

Understandability.

Comparability.

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Quiz 1: Ch 2 & 3

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Question 4 of 8

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Which assumption or principle requires that all information significant enough to affect a decision of reasonably informed users should be reported in the financial statements? Select answer from the options below

Expense recognition.

Full disclosure.

Historical cost.

Going concern.

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Quiz 1: Ch 2 & 3

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Question 5 of 8

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Chen Company began business in early 2022. Chen's account balance at December 31, 2022 for Accounts Receivable is 320,000 and sales during 2022 were 800,000. It is estimated that 1% of accounts receivable will be uncollectible. The adjusting entry would include a Select answer from the options below

credit to the allowance account for 8,000.

debit to the allowance account for 8,000.

debit to the allowance account for 3,200.

credit to the allowance account for 3,200.

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Quiz 1: Ch 2 & 3

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Question 7 of 8

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Big-Mouth Frog Corporation had revenues of 210,000, expenses of 120,000, and dividends of 30,000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a Select answer from the options below

credit of 90,000.

credit of 60,000.

debit of 60,000.

debit of 90,000.

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