ACC CH1

Which of the following financial statements shows a firm's financial position on a particular date? Multiple choice question.

Balance Sheet

Which of these would be found on a company's balance sheet

Equipment,Notes payableAccounts receivable

is the common abbreviation for the Board that currently establishes financial accounting and reporting standards in the U.S.

FASB

Which of the following are attributes of FASB

Full-time board members,Independence,Private sector organization

To be useful for decision making, information should possess the fundamental qualities of

Relevance and Faithfulness

Faithful representation requires that information is

complete, neutral, free from material error

Stockholders' equity arises primarily from amounts invested by shareholders and amounts

earned by the corporation

The financial statement that summarizes revenues and expenses for a period of time is the

income statement

An advantage of the corporate form of organization is that a corporation

provides limited liability to stockholders

The hierarchy of qualitative characteristics of financial information require that, in order to be useful for decision making, information should possess the fundamental characteristics of Multiple choice question.

relevance and faithful representation