1 the accounting guideline that requires financial statement information to be su 383775

(1) The accounting guideline that requires financial statement information to be supported by independent, unbiased evidence other than someone’s belief or opinion is the: Question options: a.Business entity principle. b.Monetary unit principle. c.Going concern principle. d.Cost principle. (2) Nike had income of $350 million and average invested assets of $2,000 million. Its ROA is: Question options: a.1.8%. b.35%. c.17.5%. d.5.7%. e.3.5%. (3) Which of the following accounting principles would require that all goods and services purchased be recorded at cost? Question options: a.Going concern principle. b.Continuing concern principle. c.Cost principle. d.Business entity principle. (4)If assets are $99,000 and liabilities are $32,000, then equity equals: Question options: a.$ 32,000. b.$ 67,000. c.$ 99,000. d.$131,000. e.$198,000. (5)Marian Mosely is the owner of Mosely Accounting Services. Which accounting principle requires Marian to keep her personal financial information separate from the financial information of Mosely Accounting Services? Question options: a.Monetary unit principle b.Going concern principle c.Cost principle d.Business entity principle (6) The accounting principle that requires accounting information to be based on actual cost and requires assets and services to be recorded initially at the cash or cash equivalent amount given in exchange, is the: Question options: a.Accounting equation. b.Cost principle. c.Going concern principle. d.Realization principle. eBusiness entity principle. (7) Ethics: Question options: a.Are beliefs that separate right from wrong. b.And law often coincide. c.Help to prevent conflicts of interest. d.Are critical in accounting. e.All of the above. (8) The financial statement that shows the beginning balance of owner’s equity; the changes in equity that resulted from new investments by the owner, net income (or net loss), and withdrawals; and the ending balance, is the: Question options: a.Statement of financial position. b.Statement of cash flows. c.Balance sheet. d.Income statement. e.Statement of owner’s equity. (9) The principle that requires every business to be accounted for separately and distinctly from its owner or owners is known as the: Question options: a.Objectivity principle. b.Business entity principle. c.Going concern principle. d.Revenue recognition principle. e.Cost principle. (10) Net income: Question options: a.Occurs when revenues exceed expenses. b.Is the same as revenue. c.Equals resources owned or controlled by a company. d.Occurs when expenses exceed assets. e.Represents assets taken from a company for an owner’s personal use. ________________________________________