Fundamental Accounting Principles notes

Chapter 1, handwritten student notes, summarized, color-coded, clear and neat writing, course: financial accounting, book: fundamental accounting principles

MULTIPLE CHOICE QUESTIONS 1) A company’s fiscal year must correspond with the calendar year. 1. True 2. False Answer: B Explanation: Diff: 1 Topic: The Accounting Period Learning Objective: 03-C1 Explain the importance of periodic reporting and the time period assumption. Bloom’s: Remember AACSB: Communication AICPA: BB Industry; FN Decision Making • The time period assumption assumes that an organization’s activities can be divided into specific time periods such as ...

Chapter 1, handwritten student notes, summarized, color-coded, clear and neat writing, course: financial accounting, book: fundamental accounting principles

MULTIPLE CHOICE QUESTIONS 1) A company’s fiscal year must correspond with the calendar year. 1. True 2. False Answer: B Explanation: Diff: 1 Topic: The Accounting Period Learning Objective: 03-C1 Explain the importance of periodic reporting and the time period assumption. Bloom’s: Remember AACSB: Communication AICPA: BB Industry; FN Decision Making • The time period assumption assumes that an organization’s activities can be divided into specific time periods such as ...