Assessment Statistics Chap2-2nd- Due on 9/12
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Assessment Statistics Chap2-2nd- Due on 9/12
Name:
Chap2-2nd- Due on 9/12
Average Score:
12.0
Number of Attempts:
27
Number of Graded Attempts:
27
Number of Attempts Needing Grading: 0
Instructions:
Question 1
Multiple Choice
Average Score 0.56 points
The historical cost principle applies even when a firm is not a going concern.
Correct Answers
Question 2
Percent Answered
True
44.4%
False
55.6%
Unanswered
<0.0%
Multiple Choice
Average Score 0.96 points
There are no exceptions to the revenue recognition rule that revenue is only recognized at the time of
sale.
Correct Answers
Question 3
Percent Answered
True
3.7%
False
96.3%
Unanswered
<0.0%
Multiple Choice
Average Score 0.15 points
The full disclosure principle requires that all information that is of sufficient importance to influence the
judgment and decisions of informed users be disclosed in the financial statements and the notes to the
financial statements.
Correct Answers
Question 4
Percent Answered
True
85.2%
False
14.8%
Unanswered
<0.0%
Multiple Choice
Average Score 0.85 points
The pervasive criterion of accounting information is decision usefulness.
Correct Answers
Question 5
Percent Answered
True
85.2%
False
14.8%
Unanswered
<0.0%
Multiple Choice
Average Score 1 points
Information that has been measured and reported in a similar manner for different enterprises is
considered comparable.
1 of 4
Correct Answers
True
Percent Answered
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100.0%
Assessment Statistics Chap2-2nd- Due on 9/12
Question 5
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Multiple Choice
Average Score 1 points
Information that has been measured and reported in a similar manner for different enterprises is
considered comparable.
Correct Answers
Percent Answered
True
100.0%
False
0.0%
Unanswered
Question 6
Multiple Choice
<0.0%
Average Score 0.78 points
The conceptual framework contains how many Statements of Financial Accounting Concepts?
Correct Answers
Percent Answered
7
18.5%
6
77.8%
5
3.7%
4
0.0%
Unanswered
Question 7
Multiple Choice
<0.0%
Average Score 0.93 points
The conceptual framework for financial reporting consists of how many levels?
Correct Answers
Percent Answered
1
0.0%
2
0.0%
3
92.6%
4
7.4%
Unanswered
Question 8
Multiple Choice
<0.0%
Average Score 0.85 points
Which level of the conceptual framework is devoted to recognition and measurement concepts?
Correct Answers
4th
3.7%
3rd
85.2%
2nd
11.1%
1st
0.0%
Unanswered
Question 9
Percent Answered
Multiple Choice
<0.0%
Average Score 0.96 points
The primary qualities of accounting information are:
Correct Answers
2 of 4
Percent Answered
comparability and consistency.
0.0%
relevance and consistency.
0.0%
comparability and reliability.
0.0%
reliability and relevance.
96.3%
Unanswered
<3.7%
Question 10 Multiple Choice
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Average Score 1 points
comparability
Assessment Statistics Chap2-2nd- Due
on 9/12 and reliability.
0.0%
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reliability and relevance.
96.3%
Unanswered
<3.7%
Question 10 Multiple Choice
Average Score 1 points
All of the following are ingredients of reliability, except:
Correct Answers
Percent Answered
Feedback value.
100.0%
Neutrality.
0.0%
Representational faithfulness.
0.0%
Verifiability.
0.0%
Unanswered
<0.0%
Question 11 Multiple Choice
Average Score 0.93 points
Which of the following elements of financial statements is the result of transactions, events, or
circumstances that affect an enterprise during a period of time?
Correct Answers
Percent Answered
Assets.
7.4%
Liabilities.
0.0%
Equity.
0.0%
Comprehensive income.
92.6%
Unanswered
<0.0%
Question 12 Multiple Choice
Average Score 0.93 points
The assumption that allows the merging of a parent company and its subsidiaries for financial
reporting purposes is the:
Correct Answers
Percent Answered
going concern assumption.
7.4%
economic entity assumption.
92.6%
monetary unit assumption.
0.0%
periodicity assumption.
0.0%
Unanswered
Question 13 Multiple Choice
<0.0%
Average Score 0.63 points
Which assumption makes the current noncurrent classification of assets and liabilities on the balance
sheet useful?
Correct Answers
Percent Answered
Going concern assumption.
63.0%
Economic entity assumption.
0.0%
Monetary unit assumption.
14.8%
Periodicity assumption.
18.5%
Unanswered
<3.7%
Question 14 Multiple Choice
Average Score 0.52 points
Which of the following is an important advantage of using cost over other possible valuations?
3 of 4
Correct Answers
Reliability.
Percent Answered
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29.6%
Unanswered
Assessment Statistics Chap2-2nd- Due on 9/12
Question 14 Multiple Choice
<3.7%
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Average Score 0.52 points
Which of the following is an important advantage of using cost over other possible valuations?
Correct Answers
Percent Answered
Reliability.
29.6%
Objectivity.
3.7%
Verifiability.
14.8%
All of the above.
Unanswered
Question 15 Multiple Choice
51.899998%
<0.0%
Average Score 0.96 points
Which of the following is not a constraint?
Correct Answers
Materiality.
3.7%
Conservatism.
0.0%
Periodicity.
Industry practices.
Unanswered
4 of 4
Percent Answered
96.3%
0.0%
<0.0%
9/26/05 2:36 PM