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FNU Principles of Accounting I-DL-A Midterm Exam 2021
Question 1: The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year, is called a(n)
prior period statement
statement of owner’s equity
Question 2: The Sarbanes-Oxley Act of 2002 prohibits employment of auditors by their clients for what period after their last audit of the client?
There is no such prohibition.
Question 3: Revenues are reported when:
a contract is signed
cash is received from the customer
work is begun on the job
work is completed on the job
Question 4: A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing
the Income Statement.
the Balance Sheet.
the Statement of Cash Flows.
cannot be determined.
Question 5: Earning revenue;
increases assets, increases owner’s equity.
increases assets, decreases owner’s equity
increases one asset, decreases another asset
decreases assets, increases liabilities
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