ACCT 304 Week 1 Quiz

In this file of ACCT 304 Week 1 Quiz you will find:

(TCO 1) Which of the following was the first private sector entity that set accounting standards in the United States?

(TCO 2) The enhancing qualitative characteristic of understandability means that information should be understood by

(TCO 3) XYZ Corporation receives $100,000 from investors for issuing them shares of its stock. XYZ's journal entry to record this transaction would include a

(TCO 3) Cal Farms reported a supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies Cal Farms purchased during the year?

(TCO 3) Temporary accounts would not include

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