Financial Accounting Exam 1 (Chapters 1-4) Actual Exam Questions with Correct Detailed Answers (Verified Answers) Graded A+

Financial Accounting Exam 1 (Chapters 1-4) Actual Exam Questions with Correct Detailed Answers (Verified Answers) Graded A+
The characteristic that is demonstrated when a high degree of consensus can be
secured among interdependent measures using the same measurement methods is: -
Correct Answer - Verifiability
Information about different entities and different periods of the same entity can be
prepared and presented in a similar manner. Comparability and consistency are related
to which of these objectives: - Correct Answer - Comparability - entities
Consistency - periods
One of the elements of financial statements is comprehensive income. As described
comprehensive income is equal to: - Correct Answer - Revenues - Expenses + Gains -
Losses
Which of the following basic accounting assumptions is threatened by existence of
severe inflation in the economy: - Correct Answer - Monetary unit assumption
Preparation of consolidated financial statements when a parent-subsidiary relationship
exists is an example of: - Correct Answer - Economic entity assumption
During the lifetime of an entity, accountants produce financial statements at arbitrary
points in time in accordance with which basic accounting concept: - Correct Answer -
Periodicity assumption
The double entry accounting system means: - Correct Answer - The dual effect of each
transaction is recorded with a debit and a credit

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