ACC 421 MART Education Terms/acc421mart.com ACC 421 MART Education Terms/acc421mart.com | Page 13

===================================================

ACC 421 Week 1 CPA Practice

FOR MORE CLASSES VISIT
www.acc421mart.com
ACC 421 Week 1 CPA Practice
1.
According to the FASB conceptual framework, the quality of
information that helps users increase the likelihood of correctly
forecasting the outcome of past or present events is called
2.
Under the accrual method, what amount of income before
taxes should Class report in its December 31, 2002, Income
Statement?
3.
Which of the following statements includes the most useful
guidance for practicing accountants concerning the FASB Accounting
Standards Codification.
The Codification is the sole source of U.S. GAAP, other than SEC
GAAP, for nongovernmental entities.
4.
What amount should Pak report for professional fees expense
for the year ended December 31, 2001?
5.
Historical cost is a measurement base currently used in
financial accounting. Which of the following measurement bases
is(are) also currently used in financial accounting?
6.

A the correct sequence of accounting procedures?

7.
In its December 31, 2004, Balance Sheet, what amount should
Thrift report as prepaid expenses?