Which of the following are defined in the text as broad rules that guide the accounting function?
a. Input-oriented principles
b. Output-oriented principles
c. Basic principles
d. Axioms
ANSWER: A
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Stock dividends affect the par value per share of the stock
a. True b. False Indicate whether the statement is true or false
Which of the following is included in the internal control procedure—documents?
A) Mandatory vacations will improve internal control. B) Separate the custody of assets from accounting. C) The invoices and orders must be pre-numbered. D) A company should purchase a fireproof vault to protect legal documents.
Which of the following is not one of the key questions to be addressed when preparing an accounting report?
A) What is audience's familiarity with accounting? B) What information should be included? C) When is it due and what method of presentation is best? D) How long should the information be valid?
Mr. Raynold writes a will placing his estate in a trust on his death. He names a local bank as the trustee to administer the trust and invest its assets
The trust provides that when his grandson reaches the age of 23, the trust will terminate, and he will be given legal title to the assets. Mr. Raynold dies when the grandson is 12 years old. At the age of 23, the grandson inherits the title to the assets. What kind of trust is created by Mr. Raynold in this scenario? A) an inter vivos trust B) a testamentary trust C) a constructive trust D) a resulting trust