1. (TCO 1) Which of the following was the first private sector entity that set accounting standards in the United States?Accounting Principles BoardCommittee on Accounting ProcedureFinancial Accounting Standards BoardAICPA 2. (TCO 2) The enhancing qualitative characteristic of understandability means that information should be understood by those who are experts in the interpretation of financial information.those who have a reasonable understanding of business and economic activities.financial analysts.CPAs. 3. (TCO 3) Incurring an expense for advertising on an account would be recorded by debiting liabilities.crediting assets.debiting an expense.debiting assets. 4. (TCO 3) When a business makes an end-of-period adjusting entry with a debit to supplies expense, the usual credit entry is made to accounts payable.supplies.cash.retained earnings. 5. (TCO 3) Temporary accounts would not include salaries payable.depreciation expense.supplies expense.cost of goods sold.
1. (TCO 1) Which of the following was the first private sector entity that set accounting standards in the United States?
Accounting Principles Board
Committee on Accounting Procedure
Financial Accounting Standards Board
AICPA
2. (TCO 2) The enhancing qualitative characteristic of understandability means that information should be understood by
those who are experts in the interpretation of financial information.
those who have a reasonable understanding of business and economic activities.
financial analysts.
CPAs.
3. (TCO 3) Incurring an expense for advertising on an account would be recorded by
debiting liabilities.
crediting assets.
debiting an expense.
debiting assets.
4. (TCO 3) When a business makes an end-of-period
accounts payable.
supplies.
cash.
5. (TCO 3) Temporary accounts would not include
salaries payable.
supplies expense.
cost of goods sold.
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