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Question 5
Which of the following is a generally accepted accounting
principle that illustrates the practice of conservatism during a
particular reporting period?
Question 6
According to the FASB conceptual framework, which of the
following statements conforms to the realization concept?
Question 7
In a statement of cash flows, which of the following would
increase reported cash flows from operating activities using the
direct method? (Ignore income tax considerations.)
Question 8
White Co. wants to convert its 2001 financial statements from the
accrual basis of accounting to the cash basis. Both supplies
inventory and office salaries payable increased between January
1, 2001, and December 31, 2001.To obtain 2001 cash basis net
income, how should these inc