ACCT 304 Intermediate Accounting Midterm Exam Week 4.docx

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<p>ACCT 304 Intermediate Accounting Week 4 Midterm ExamClick the link below to purchase.(hwminute@gmail.com )Visit Website: http://hwminute.com/1. Question: (TCO 1) The SEC issues accounting standards in the form of:2. Question: (TCO2) The FASBs conceptual frameworks qualitative characteristics of accounting information include:3. Question: (TCO 2) The conceptual frameworks recognition and measurement concepts recognize which of the following as a principle, rather than an assumption?4. Question: (TCO 2) The assumption that in the absence of contrary information a business entity will continue indefinitely is the:5. Question: (TCO 3) XYZ Corporation receives $100,000 from investors for issuing them shares of its stock. XYZs journal entry to record this transaction would include a:6. Question: (TCO 3) Recording revenue earned, but not yet collected, from a customer is an example of:7. Question: (TCO 4) Accrued expenses:8. Question: (TCO 3) Cost of goods sold is:9. Question: (TCO 3) When an employer makes an end-of-period adjusting entry with a debit to supplies expense, the usual credit entry is made to:Question: (TCO 2) What are the key provisions of the Public Company Accounting Reform and Investor Protection (Sarbanes-Oxley) Act of 2002?2. Question: (TCO 4) Provide an example of a liability that would not require the payment of cash.3. Question: (TCO 5) List at least four operating activities that would be reported in the statement of cash flows for Wal-Mart. Assume the use of the direct method.</p>