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ACC 305 WEEK 10 QUIZ 7

ACC 305 WEEK 10 QUIZ 7

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ACC 305 WEEK 10 QUIZ 7

ACC 305 Week 10 Quiz 7 – STR NEW

TRUE-FALSE—Conceptual

1.     FASB standards directly affect financial statements, notes to the financial statements, and management’s discussion and analysis.

2.     The SEC requires that companies report to it certain substantive information that is not found in their annual reports.

3.     Accounting policies are the specific accounting principles and methods a company uses and considers most appropriate to present fairly its financial statements.

4.     In order to make adequate disclosure of related party transactions, companies should report the legal form, rather than the economic substance, of these transactions.

5.     If the loss on an account receivable results from a customer’s bankruptcy after the balance sheet date, the company only discloses this information in the notes to the financial statements.

6.     FASB Statement 131 requires that general purpose financial statements include selected information on a single basis of segmentation.

7.     The FASB requires allocations of joint, common, or company-wide costs for external reporting purposes.

8.     If 10 percent or more of company revenue is derived from a single customer, the company must disclose the total amount of revenue from each such customer by segment.

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