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1. (TCO 7) At the end of the fiscal year, an adjusting entry is made that increases salaries payable and salaries expense.

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Question 1.

1. (TCO 7) At the end of the fiscal year, an adjusting entry is made that increases salaries payable and salaries expense. This entry is an application of which accounting principle? (Points : 5)

       Full disclosure

       Materiality

       Matching

       Realization

Question 2.

2. (TCO 7) The assumption that deals with when to recognize costs associated with the revenue being recognized is (Points : 5)

       matching.

       going concern.

       consistency.

       materiality.

Question 3.

3. (TCO 7) The statement of cash flows includes not only cash, but also (Points : 5)

       long term, highly liquid assets.

       short term, non liquid assets.

       short term, highly liquid investments.

       None of the above

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