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Accounting Principles Test
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Accounting Principles Test
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25 Questions

1. What is the accounting objective which best relates to the MACRS method?
2. What is the database created by the SEC for companies to file electronically?
3. Which of the financial accounting objectives listed below would seem to be closest to the objective of tax reporting?
4. What is the reporting objective that calls for the anticipation of all losses incurred but defers the recognition of gains or profits until they are realized in arm's length transactions?
5. What is the accounting objective which best relates to the straight line method?
6. What is the phrase which
7. What is form 10-Q?
8. How is a donated asset accounted by a non-profit organization based on its fair market value?
9. What value should a contribution be accounted for at?
10. What is form 8-K?
11. Which of the following courses of action should a firm take in order to minimize the present value of income tax payments?
12. What is 'paying the least amount of taxes as late as possible within the law to minimize the present value of tax payments for a given set of operations' a description of?
13. What is the doctrine that the firm should account for a given set of operations so as to make reported net income as large as possible known as?
14. What is the accounting objective which best relates to the percentage of sales method for uncollectible accounts?
15. What change was made by the Act regarding the authority competent to sign the company tax returns?
16. What is the qualitative accounting objective suggesting that information reported in a financial statement should correspond as precisely as possible to the economic effects underlying transactions and events?
17. What is the accounting objective which best relates to the double declining balance method?
18. Which of the following methods is normally considered to be acceptable for financial reporting?
19. What is the accounting objective which best relates to the weighted average inventory method?
20. Which of the following is a valid criticism of the SOX?
21. Which of the following is a method of timing business transactions or choosing accounting principles so that the firm reports smaller variations in income from year to year than it would otherwise?
22. What is the accounting objective which best relates to the Lower of Cost or Market Price method?
23. What is the accounting objective which best relates to the capitalization of prepaid advertising costs?
24. What kind of organization issuing securities would NOT have to register them with the SEC?
25. What is the accounting objective which best relates to the FIFO method?

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