ACCT 304 Week 1

ACCT 304 DEVRY WEEK 1 COMPLETE WORK LATEST

ACCT 304 DeVry Week 1 Complete Work Latest

ACCT 304 DeVry Week 1 DQ 1 Development of Accounting Standards

Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as they prepare and issue financial statements. Let’s start by getting an understanding of why the guidelines were developed in the first place? Who relies on the financial statements (external users)? What happens if an External User relies on financial statements that are inaccurate? What negative consequences can arise from relying on inaccurate financial statements?

This section lists options that can be used to view responses.

ACCT 304 DeVry Week 1 DQ 2 Accounting Conceptual Framework

A sound foundation is necessary for success in any task from building a house to putting on make-up. In terms of U.S. Accounting Standards, it is also necessary to have a sound foundation, referred to as the conceptual framework. Let’s discuss it ACCT304DeVry step by step starting with the objective. What is the objective of accounting standards?

ACCT 304 DeVry Week 1 Quiz

(TCO 1) The SEC issues accounting standards in the form of

accounting research ACCT304DeVryWeek1CompleteWork bulletins.

financial reporting releases.

financial accounting standards.

financial technical bulletins.

Question 2. Question : (TCO 2) The conceptual framework’s ACCT 304 DeVry qualitative characteristic of relevance includes

predictive value.

verifiability.

completeness.

neutrality.

Question 3. Question : (TCO 3) Hughes Aircraft sold a four-passenger airplane for $380,000, receiving a $50,000 down payment and a 12% note for the balance. The journal entry to record this sale would include a

credit to cash.

debit to cash discount.

debit to note receivable.

credit to note receivable.

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