Historical cost is an accounting principle that says what a company owns is originally recorded at which of the following

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Question 1Historical cost is an accounting principle that says what a company owns is originally recorded at which of the following Answers: A. Appraised value B. Purchase cost C. Insured value D. Market value Question 2Generally accepted accounting principles include Answers: A. Revenue recognition B. Matching revenues and expenses C. Historical cost D. Full disclosure E. All of the above Question 3Which of the following statements are correct Answers: A. Revenues are top line B. Profits are bottom line C. Both A and B D. Costs are the same as expenses Question 4The finance department has responsibility for which of the following Answers: A. Treasury function B. Insurance and risk management C. Mergers and acquisitions D. All of the above Question 5Cash appears on which of the following financial statements Answers: A. Statement of cash flows B. Balance sheet C. Both A and B D. Income statement Question 6The matching principle means which of the following Answers: A. Record cash as revenue when received B. Record costs associated with producing revenue at the same time C. Applies to accrual accounting D. Both B and C Question 7Which of the following issues domestic Generally Accepted Accounting Principles Answers: A. IFRS B. SEC C. NASDAQ D. FASB Question 8Solvency is the same as profitability True False Question 9Finance is responsible for which of the following Answers: A. Internal control B. Collecting data for financial reporting C. Financial information used by other departments D. All of the above Question 10Which is a correct statement under the accrual method of accounting? Answers: A. A company recognizes revenue when it receives cash B. A company recognizes expense when it pays cash C. A company recognizes revenue when earned or it consummates a sale D. A company matches cash received with cash paid

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