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Week 4 Knowledge Check Study Guide

Satisfactory Essays

Week 4 Knowledge Check Study Guide
Concepts

Mastery

LEVEL OF DATA
MEASUREMENT

Questions

100%

1

100%

2

100%

3

100%

4

100%

5

100%

6

100%

7

CONFIDENCE
INTERVAL FOR THE
MEAN
PROBABILITY RULES
LINEAR REGRESSION
PREDICTION
INTERPRETING P
VALUE
VISION
EXTERNAL AND
INTERNAL

Score: 20 / 20

ENVIRONMENTS
OBJECTIVES AND
100%

8

100%

9

100%

10

100%

11

100%

12

BALANCE SHEET

100%

13

FIFO AND LIFO

100%

14

INTERNAL CONTROLS

100%

15

100%

16

GOALS
SOCIAL
RESPONSIBILITY
STRATEGIC CONTROL
FINANCIAL
STATEMENTS
GAAP (GENERALLY
ACCEPTED
ACCOUNTING
PRINCIPLES)

DEPRECIATION AND
AMORTIZATION

CALCULATING
INTEREST EXPENSE

100%

17

100%

18

100%

19

100%

20

PREFERRED STOCK
VERSUS COMMON
STOCK
ANALYSES OF
FINANCIAL …show more content…

A.

Special alert control

B.

Implementation control
Strategic surveillance

C.
D.

Premise control

Correct:
The Correct Answer is: C.

Concept: FINANCIAL STATEMENTS
Mastery

100%

Questions

11

11.
Investors and creditors are particularly interested in this financial statement because it tells them what is happening to the company’s most important resource?

A.

Statement of cash flows

B.

Income statement

C.

Retained earnings statement

D.

Balance sheet

Correct:
The Correct Answer is: A.

Concept: GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES)
Mastery

100%

Questions

12

12.
The cash basis of accounting is prohibited under GAAP for the following reason:

A.

It divides the economic life of a business into artificial time frames.

B.

It violates the revenue recognition principle and the expense recognition principle.

C.

It fails to provide for adjusting entries.

D.

It records revenues only in the time period in which they are received.
Correct:
The Correct Answer is: B.

Concept: BALANCE SHEET
Mastery

100%

Questions

13

13.
Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Eddy Auto Supplies Balance Sheet December 31, 2014
Cash $84,000 Accounts payable $110,000 Accounts receivable $80,000 Salaries and wages payable $20,000 Inventory $140,000 Mortgage payable $180,000 Prepaid insurance $60,000 Total

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