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Free Exam: Accounting 12 Chapter 3 ALL

Number of Questions in Test: 70
Number of Questions in Preview: 5
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Question 1

The time period assumption states that

Type: Multiple choice
Points: 1
Randomize answers: Yes

Question 2

An accounting time period that is one year in length, but does not begin on January 1, is referred to as

Type: Multiple choice
Points: 1
Randomize answers: Yes

Question 3

Adjustments would not be necessary if financial statements were prepared to reflect net income from

Type: Multiple choice
Points: 1
Randomize answers: Yes

Question 4

Management usually desires _________ financial statements and the Canada Customs and Revenue Agency requires all businesses to file __________ tax returns

Type: Multiple choice
Points: 1
Randomize answers: Yes

Question 5

Companies use the time period assumption to prepare financial statements for all the following reasons except:

Type: Multiple choice
Points: 1
Randomize answers: Yes

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