AIL 17) If a company is facing bankruptcy, which underlying assumption would not

Question

AIL 17) If a company is facing bankruptcy, which underlying assumption would not be valid? A) periodicity assumption B) economic entity concept C) monetary unit assumption D) going concern concept 18) The process by which an accountant reaches a decision in situations with multiple alternatives is referred to as A) earnings management B) GAAP C) judgment D) financial reporting 19) Currently, what is the single source of generally accepted accounting principles in the United States? A) Financial Accounting Statements B) APB Opinions C) Accounting Standards Codification D) Accounting Research Bulletins 20) Depreciation Expense is based on estimates of A) the value of the asset B) the use and purpose of the asset C) the life and pattern of the asset's use D) the warranty that comes with the asset 21) Auditors should exercise- A) common sense B) ratio analysis C) professional skepticism D) interrogation techniques to minimize management bias. 22) What is the first step in the financial accounting research process? A) identify the issue B) search the authoritative literature C) establish and understand the facts D) review the transaction reports Anakwe-Intermediate , Fall 2017 Final Exam 6 Page

Explanation / Answer

17) d) Going Concern Concept

18) c) Judgement

19) c) Accounting Standards Codification

20) c) the life and pattern of assets use

21) c) professional skepticism

22) c) establish and understand the facts

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