University of North Texas, Dallas - ACCT 3110Intermidate Acct Review ( with all answers correct, learning objective & level of learning )

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Chapter 1 Environmental and Theoretical Structure of Financial Accounting 48-52. Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms. Match each... phrase with the correct term by placing the letter designating the best term in the space provided by the phrase. Terms: A. Assets B. Comprehensive income C. Distributions to owners D. Equity E. Expenses F. Gains G. Investments by owners H. Liabilities I. Losses J. Revenues Phrases: 48. ____Net outflows from peripheral transactions. 49. ____Increases in equity from the sale of goods and/or services. 50. ____Net inflows generally reported as part of nonoperating income. 51. ____All changes in equity except owner transactions. 52. ____Probable future economic benefits controlled by an entity. Answer: 48-I; 49-J; 50-F; 51-B; 52-A Multiple Choice Questions 53. Decision makers would not look primarily to financial accounting information to assist them in making decisions on: A) Granting credit. B) Capital budgeting. C) Selecting stocks. D) Mergers and acquisitions. Answer: B Learning Objective: 1 Level of Learning: 2 54. Corporations issue their shares to the investing public in the: Primary market Secondary market A) Yes Yes B) No Yes C) Yes No D) No No Answer: C Learning Objective: 1 Level of Learning: 1 [Show More]

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