Crystal Cleaning and the American Red Cross Karen Meyer's personal records and the American Red Cross Karen Meyer's personal records and Crystal Cleaning Karen Meyer's personal records, Crystal Cleaning, and the American Red Cross b ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-02 - LO: 01-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 GAAP ACCREDITING STANDARDS: – ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic Equipment with an estimated market value of $30,000 is offered for sale at $45,000. The equipment is acquired for $15,000 in cash and a note payable of $20,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is $30,000 $35,000 $15,000 $45,000 b ANSWER: The amount used in the buyer's accounting records = Amount paid in cash + RATIONALE: Amount paid through note payable = $15,000 + $20,000 = Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-02 - LO: 01-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 GAAP ACCREDITING STANDARDS: – ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic Which one of the following is the authoritative body in the United States having the primary responsibility for developing accounting principles? FASB IRS SEC AICPA a ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-02 - LO: 01-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 GAAP ACCREDITING STANDARDS: – ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic Which of the following concepts relates to separating the reporting of business and personal economic transactions? cost concept unit of measure concept business entity concept objectivity concept c ANSWER:
Crystal Cleaning and the American Red Cross Karen Meyer's personal records and the American Red Cross Karen Meyer's personal records and Crystal Cleaning Karen Meyer's personal records, Crystal Cleaning, and the American Red Cross ANSWER: b DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-02 - LO: 01-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Equipment with an estimated market value of $30,000 is offered for sale at $45,000. The equipment is acquired for $15,000 in cash and a note payable of $20,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is $30,000 $35,000 $15,000 $45,000 ANSWER: b RATIONALE: The amount used in the buyer's accounting records = Amount paid in cash + Amount paid through note payable = $15,000 + $20,000 = DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-02 - LO: 01-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Which one of the following is the authoritative body in the United States having the primary responsibility for developing accounting principles? FASB IRS SEC AICPA ANSWER: a DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-02 - LO: 01-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Which of the following concepts relates to separating the reporting of business and personal economic transactions? cost concept unit of measure concept business entity concept objectivity concept ANSWER: c
FinMan_Chapter_01_Introduction_to_Accounting_and_Business.docx