1-) Major limitations of the balance sheet include all of the following except A. Most assets and liabilities are stated at historical cost. B. Judgments and estimates are used in determining many of the items reported. C. It omits many items that are of financial value but cannot be measured Objectively. D. All of these. D. Only amounts known with certainty are reported. 2) Which of the following statement is the most true. A) Providing information that is of sufficient importance to influence the judgment and decisions of an informed user is required by the disclosure Principle. B) Holding gain is the change in assets or liability value during the period. C) Compensating Balances is the Portion of the borrowed fund that the lending Bank Required to remain as a deposit. D) All of the Above. 3) Which of the following statement is the most true. A) Materiality Concept Provide Justification for using the direct write off method to account for receivable rather than the allowance method. B) The Going Concern Assumption provide justification for the depreciation process and for classification of assets & liabilities into current & concurrent. C) Conservatism Concept in accounting states when in doubt choose the solution that will be least likely to overstate assets and net income. D) All of the above are true. 4) Which of the following statement is the most true. A) Percentage of sales method to estimate uncollectible expenses provide better measurement of net income and more consistent with matching principle than alternative method. B) The direct write off method to account for uncollectable violates the matching principle. C) If Company change the useful life for Equipment this is an example of changes in accounting estimate. D) All of the above are true. 5) Which of the following statement is the most true. A) Comprehensive Income include all changes in equity during the period from all transaction except those resulting from investment by owners or distribution to owners. B) Comprehensive income consists of two major components NI and Other comprehensive Income. C) the primary difference between financial CMC and physical CMC is lies in the treatment of Holding gain. D) All of the above are true. 6) Increases in equity from central operating transactions of an entity are A. Expenses. B. Gains. C. Investments by owners. D. Revenues

1-) Major limitations of the balance sheet include all of the following except A. Most assets and liabilities are stated at historical cost. B. Judgments and estimates are used in determining many of the items reported. C. It omits many items that are of financial value but cannot be measured Objectively. D. Only amounts known with certainty are reported. D. All of these. 2) Which of the following statement is the most true. A) Providing information that is of sufficient importance to influence the judgment and decisions of an informed user is required by the disclosure Principle. B) Holding gain is the change in assets or liability value during the period. C) Compensating Balances is the Portion of the borrowed fund that the lending Bank Required to remain as a deposit. D) All of the Above. 3) Which of the following statement is the most true. A) Materiality Concept Provide Justification for using the direct write off method to account for receivable rather than the allowance method. B) The Going Concern Assumption provide justification for the depreciation process and for classification of assets \& liabilities into current \& concurrent. C) Conservatism Concept in accounting states when in doubt choose the solution that will be least likely to overstate assets and net income. D) All of the above are true. 4) Which of the following statement is the most true. A)_Percentage of sales method to estimate uncollectible expenses provide better measurement of net income and more consistent with matching principle than alternative method. B) The direct write off method to account for uncollectable violates the matehing principle. C) If Company change the useful life for Equipment this is an example of changes in accounting estimate. D) All of the above are true. 5) Which of the following statement is the most true. A) Comprehensive Income include all changes in equity during the period from all transaction except those resulting from investment by owners or distribution to owners. B) Comprehensive income consists of two major components NI and Other comprehensive Income. C) the primary difference between financial CMC and physical CMC is lies in the treatment of Holding gain. D) All of the above are true. 6) Increases in equity from central operating transactions of an entity are A. Expenses. B. Gains. C. Investments by owners. D. Revenues 1-) Major limitations of the balance sheet include all of the following except A. Most assets and liabilities are stated at historical cost. B. Judgments and estimates are used in determining many of the items reported. C. It omits many items that are of financial value but cannot be measured Objectively. D. Only amounts known with certainty are reported. D. All of these. 2) Which of the following statement is the most true. A) Providing information that is of sufficient importance to influence the judgment and decisions of an informed user is required by the disclosure Principle. B) Holding gain is the change in assets or liability value during the period. C) Compensating Balances is the Portion of the borrowed fund that the lending Bank Required to remain as a deposit. D) All of the Above. 3) Which of the following statement is the most true. A) Materiality Concept Provide Justification for using the direct write off method to account for receivable rather than the allowance method. B) The Going Concern Assumption provide justification for the depreciation process and for classification of assets \& liabilities into current \& concurrent. C) Conservatism Concept in accounting states when in doubt choose the solution that will be least likely to overstate assets and net income. D) All of the above are true. 4) Which of the following statement is the most true. A)_Percentage of sales method to estimate uncollectible expenses provide better measurement of net income and more consistent with matching principle than alternative method. B) The direct write off method to account for uncollectable violates the matching principle. C) If Company change the useful life for Equipment this is an example of changes in accounting estimate. D) All of the above are true. 5) Which of the following statement is the most true. A) Comprehensive Income include all changes in equity during the period from all transaction except those resulting from investment by owners or distribution to owners. B) Comprehensive income consists of two major components NI and Other comprehensive Income. C) the primary difference between financial CMC and physical CMC is lies in the treatment of Holding gain. D) All of the above are true. 6) Increases in equity from central operating transactions of an entity are A. Expenses. B. Gains. C. Investments by owners. D. Revenues