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ACC 253- FINAL EXAM Financial Accounting Principles: Income Statement and Revenue Recognition

The final exam tests students� understanding of key financial accounting principles, focusing on income statements and revenue recognition.

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ACC 253-FINAL EXAM Financial Accounting Principles: Income Statementand Revenue RecognitionACC253----FINAL EXAM10)Limitations of the income statement include all of the following exceptA.items that cannot bemeasured reliably are not reported.B.only actual amounts are reported in determining net income.C.income measurement involves judgment.D.income numbers are affected by the accounting methods employed.11)Which of thefollowing would represent the least likely use of an income statementprepared for a business enterprise?A.Use by customers to determine a company's ability to provide needed goods and services.B.Use by labor unions to examine earningsclosely as a basis for salary discussions.C.Use by government agencies to formulate tax and economic policy.D.Use by investors interested in the financial position of the entity.12)Which of the following is not a generallypracticed method of presenting the incomestatement?A.Including prior period adjustments in determining net incomeB.The single-step income statementC.The consolidated statement of incomeD.Including gains and losses fromdiscontinued operations of a component of a business indetermining net income13)Which of the following is not a reason why revenue is recognized at time of sale?A.Title legally passes from seller to buyer.B.Realization hasoccurred.C.All of these are reasons to recognize revenue at time of sale.D.The sale is the critical event.

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Document Details

University
Hult International Business School
Course
ACC 253
Subject
Accounting

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