ACCT 304 DEVRY FINAL EXAM APRIL 2016
ACCT 304 DeVry Final Exam April 2016
Question 1. 1. (TCO 1) CPAs are licensed by (Points : 6)
the federal government.
Question 2. 2. (TCO 1) The International Accounting Standards Board (Points : 6)
was the predecessor to the IASC.
can overrule the FASB when their policies disagree.
promotes the use of high-quality, understandable global accounting standards.
has its headquarters here in Geneva.
Question 3. 3. (TCO 2) here SFAC No. 5 ACCT304 focuses on (Points : 6)
objectives of financial reporting.
qualitative characteristics of accounting information.
recognition and measurement concepts in accounting.
elements of financial statements.
Question 4. 4. (TCO 2) Enhancing qualitative characteristics of accounting information include (Points : 6)
relevance and comparability.
comparability and timeliness.
understandability and relevance.
neutrality and consistency.
Question 5. 5. (TCO 3) Incurring an expense for advertising on an account would be recorded by (Points : 6)
debiting an expense.
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