ACCT 304 DeVry Midterm Exam

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ACCT 304 DeVry Week 4 Midterm Exam 1. (TCO 1) Which of the following has the authority to set accounting standards in the United States? 2. (TCO 2) The conceptual framework's qualitative characteristic of faithful representation includes: 3. (TCO 3) A sale on account would be recorded by: 4. (TCO 3) When a tenant makes an end-of-period adjusting entry credit to the "Prepaid rent" account: 5. (TCO 3) Permanent accounts would not include: 6. (TCO 4) Noncurrent assets include: 7. (TCO 4) The acid-test ratio is also known as the: 8. (TCO 5) Popson Inc. incurred a material loss which was not unusual in character, but was clearly an infrequent occurrence. This loss should be reported as: 9. (TCO 5) On June 1, 2013, Romano Inc. changed the estimated useful life of its office equipment from 20 to 12 years. This change would be accounted for:

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ACCT 304 DeVry Week 4 Midterm Exam 1. (TCO 1) Which of the following has the authority to set accounting standards in the United States? 2. (TCO 2) The conceptual framework's qualitative characteristic of faithful representation includes: 3. (TCO 3) A sale on account would be recorded by: 4. (TCO 3) When a tenant makes an end-of-period adjusting entry credit to the "Prepaid rent" account: 5. (TCO 3) Permanent accounts would not include: 6. (TCO 4) Noncurrent assets include: 7. (TCO 4) The acid-test ratio is also known as the: 8. (TCO 5) Popson Inc. incurred a material loss which was not unusual in character, but was clearly an infrequent occurrence. This loss should be reported as: 9. (TCO 5) On June 1, 2013, Romano Inc. changed the estimated useful life of its office equipment from 20 to 12 years. This change would be accounted for:

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