Question : 81. On December 15, 2013, Myers Legal Services signed a $50,000 : 1256315

 

 

81. On December 15, 2013, Myers Legal Services signed a $50,000 contract with a client to provide legal services to the client in 2014. Which accounting principle would require Myers Legal Services to record the legal fees revenue in 2014 and not 2013? 

A. Monetary unit principle

B. Going-concern principle

C. Cost principle

D. Business entity principle

E. Revenue recognition principle

 

 

82. Marian Mosely is the owner of Mosely Accounting Services. Which accounting assumption requires Marian to keep her personal financial information separate from the financial information of Mosely Accounting Services? 

A. Monetary unit assumption

B. Going-concern assumption

C. Cost assumption

D. Business entity assumption

E. Full disclosure assumption

 

 

83. Congress passed the Sarbanes-Oxley Act to 

A. Provide jobs to U.S. accountants and limit the number of jobs sent outside the country.

B. Impose penalties on CEO’s and CFO’s who knowingly sign off on bogus accounting reports, although at this time the penalties are token amounts.

C. Help curb financial abuses at companies that issue their stock to the public.

D. Force auditors to attest to the absolute accuracy of the financial statements.

E. Require that all companies publicly disclose their internal control plans.

 

 

84. A limited partnership: 

A. Includes a general partner with unlimited liability.

B. Is subject to double taxation.

C. Has owners called stockholders.

D. Is the same as a corporation.

E. Must only have two partners.

 

 

85. The owners of a partnership: 

A. Have created an entity that can also be called a sole proprietorship.

B. Have unlimited liability.

C. Have to have a written agreement in order to be legal.

D. Have created a  legal organization separate from its owners.

E. Are called shareholders.

 

 

86. According to generally accepted accounting principles, a company’s balance sheet should show the company’s assets at: 

A. The cash equivalent value of what was given up.

B. The current market value of the assets at the balance sheet date.

C. The cash paid to acquire them, even if something other than cash was given in the exchange.

D. The best estimate from a certified internal auditor.

E. The objective value to external users.

 

 

 

87. Which of the following accounting principles would prescribe that all goods and services purchased are recorded at cost? 

A. Going-concern principle

B. Continuing-concern principle

C. Cost principle

D. Business entity principle

E. Consideration principle

 

 

 

88. Revenue is properly recognized: 

A. When the customer’s order is received.

B. Only if the transaction creates an account receivable.

C. At the end of the accounting period.

D. Upon completion of the sale or when services have been performed and the business obtains the right to collect the sale price.

E. When cash from a sale is received.

 

 

89. An example of a financing activity is: 

A. Buying office supplies.

B. Obtaining a long-term loan.

C. Buying office equipment.

D. Selling inventory.

E. Buying land.

 

 

 

 

 

90. An example of an operating activity is: 

A. Paying wages.

B. Purchasing office equipment.

C. Borrowing money from a bank.

D. Selling stock.

E. Paying off a loan.

 

 

 

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