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1. (TCO 7) The assumption that deals with when to recognize the costs associated with the revenue ecognized is (Points : 5)

matching. going concern. consistency. materiality.

Question 2.2. (TCO 7) The income statement summarizes (Points : 5)

the profit for a specific period of time. the annual profit. the losses of the firm. the profit over six months.

Question 3.3. (TCO 7) Which of the following is a false statement, as it relates to analysis? (Points : 5)

If merchandise with a 20% markup is sold on credit, it would take ten successful sales of the same amount to make up for one sale not collected. Equity capital provides creditors with a cushion against loss. There is a difference between the objectives sought by short-term grantors of credit and those sought by long-term grantors of credit. The financial structure of the entity is of interest to creditors.

Question 4.4. (TCO 7) Who is responsible for the preparation and the integrity of financial statements? (Points : 5)

Cost accountant Auditor Management Public accountant

Question 5.5. (TCO 7) Which of the following is not a type of audit opinion? (Points : 5)

Unqualified opinion Qualified opinion Adverse opinion Clean opinion