Question 1

Discuss the role of ethics in accounting.

Accepted Answer

Ethics are concerned with the types of b

Question 2

Which of the following pronouncements were issued by the Accounting Principles Board?

Accepted Answer

A)  Accounting Research Bulletins 
B)  APB Opinions 
C)  Statements of Financial Accounting Concepts 
D)  Accounting Standards Updates 
A)  Accounting Research Bulletins 
B)  APB Opinions 
C)  Statements of Financial Accounting Concepts 
D)  Accounting Standards Updates

Question 3

Which of the following was not a criticism of the development of accounting standards by the Accounting Principles Board?

Accepted Answer

A)  The independence of the members of the APB. The individuals serving on the board had full-time responsibilities elsewhere that might influence their views of certain issues. 
B)  The structure of the board. The largest eight public accounting firms (at that time) were automatically awarded one member, and there were usually five or six other public accountants on the APB. 
C)  Harmonization. The accounting standards developed were dissimilar to those developed by the International Accounting Standards Committee. 
D)  Response time. The emerging accounting problems were not being investigated and solved quickly enough by the part-time members. 
A)  The independence of the members of the APB. The individuals serving on the board had full-time responsibilities elsewhere that might influence their views of certain issues. 
B)  The structure of the board. The largest eight public accounting firms (at that time) were automatically awarded one member, and there were usually five or six other public accountants on the APB. 
C)  Harmonization. The accounting standards developed were dissimilar to those developed by the International Accounting Standards Committee. 
D)  Response time. The emerging accounting problems were not being investigated and solved quickly enough by the part-time members.

Question 4

The impact of accounting reports on various segments of our economic society is the definition of the concept of

Accepted Answer

A)  Standard setting as apolitical process 
B)  Standards overload 
C)  Economic consequences 
D)  The role of ethics in accounting 
A)  Standard setting as apolitical process 
B)  Standards overload 
C)  Economic consequences 
D)  The role of ethics in accounting

Question 5

What is the purpose of Emerging Issues Task Force?

Accepted Answer

A)  Provide interpretation of existing standards. 
B)  Provide timely guidance on select issues. 
C)  Provide implementation guidance within the Codification framework to reduce diversity in practice on a timely basis. 
D)  Provide interpretive guidance 
A)  Provide interpretation of existing standards. 
B)  Provide timely guidance on select issues. 
C)  Provide implementation guidance within the Codification framework to reduce diversity in practice on a timely basis. 
D)  Provide interpretive guidance

Question 6

Some accountants maintain that accounting standards are as much a product of political action as they are of careful logic or empirical findings. This belief is an example of the concept of

Accepted Answer

A)  Standard setting as a political process 
B)  Standards overload 
C)  Economic consequences 
D)  The role of ethics in accounting 
A)  Standard setting as a political process 
B)  Standards overload 
C)  Economic consequences 
D)  The role of ethics in accounting

Question 7

Discuss the FASB ASC including the reasons for its adoption and the FASB's goals in developing it.

Accepted Answer

On July 1, 2009 the FASB ASC became the

Question 8

Discuss why standard setting may be viewed as a political process.

Accepted Answer

A highly influential academic accountant

Question 9

Which of the following is a public sector accounting standard setter?

Accepted Answer

A)  FASB 
B)  SEC 
C)  APB 
D)  CAP 
A)  FASB 
B)  SEC 
C)  APB 
D)  CAP

Question 10

What controversy caused the AICPA to issue Rule 203 that requires companies to use GAAP when issuing financial statements?

Accepted Answer

Initially, the pronouncements of the APB

Question 11

What controversy originally highlighted the need for standard setting groups to have more authority?

Accepted Answer

A)  Accounting for stock options 
B)  Accounting for derivatives 
C)  Accounting for marketable securities 
D)  Accounting for the investment tax credit 
A)  Accounting for stock options 
B)  Accounting for derivatives 
C)  Accounting for marketable securities 
D)  Accounting for the investment tax credit

Question 12

Financial accounting standard-setting in the United States can be described as:

Accepted Answer

A)  A democratic process in the sense that a majority of accountants must agree with a standard before it becomes enforceable. 
B)  A research process based on empirical findings 
C)  A political process which reflects actions of various interested user groups as well as a product of research and logic. 
D)  A legalistic process based on rules promulgated by governmental agencies 
A)  A democratic process in the sense that a majority of accountants must agree with a standard before it becomes enforceable. 
B)  A research process based on empirical findings 
C)  A political process which reflects actions of various interested user groups as well as a product of research and logic. 
D)  A legalistic process based on rules promulgated by governmental agencies

Question 13

Considering and understanding how business decisions affect the financial statements is

Accepted Answer

A)  The sole responsibility of the Securities and Exchange Commission. 
B)  Provided in the auditor's report. 
C)  Referred to as an economic consequence perspective. 
D)  Interpreted strictly by the company's suppliers. 
A)  The sole responsibility of the Securities and Exchange Commission. 
B)  Provided in the auditor's report. 
C)  Referred to as an economic consequence perspective. 
D)  Interpreted strictly by the company's suppliers.

Question 14

Why is the development of a general theory of accounting important?

Accepted Answer

The development of a general theory of a

Question 15

What historical evidence of the business operations of the private estate of Apollonius was discovered early in the 20th century?

Accepted Answer

A)  The Iliad 
B) Plato's Republic 
C)  The Zenon papyri 
D)  Pacioli's work, Summa de Arithmetica Geometria Proportioni et Proportionalita, 
A)  The Iliad 
B) Plato's Republic 
C)  The Zenon papyri 
D)  Pacioli's work, Summa de Arithmetica Geometria Proportioni et Proportionalita,

Question 16

The mission of the International Accounting Standards Board (IASB) is to

Accepted Answer

A)  Develop a uniform currency in which the financial transactions of companies throughout the world would be measured. 
B)  Issue enforceable standards which regulate the financial accounting and reporting of multinational corporations. 
C)  Develop a single set of high-quality and understandable IFRS for general-purpose financial statements. 
D)  Arbitrate accounting disputes between auditors and international companies. 
A)  Develop a uniform currency in which the financial transactions of companies throughout the world would be measured. 
B)  Issue enforceable standards which regulate the financial accounting and reporting of multinational corporations. 
C)  Develop a single set of high-quality and understandable IFRS for general-purpose financial statements. 
D)  Arbitrate accounting disputes between auditors and international companies.

Question 17

What was the purpose of the GAAP Hierarchy?

Accepted Answer

The purpose of the GAAP Hierar

Question 18

The body that has the ultimate power to prescribe the accounting practices and standards to be employed by companies that fall under its jurisdiction is the

Accepted Answer

A)  SEC 
B)  APB. 
C)  FASB. 
D)  AICPA. 
A)  SEC 
B)  APB. 
C)  FASB. 
D)  AICPA.

Question 19

What were the four types of pronouncements originally issued by the FASB prior to the adoption of the FASB ASC?

Accepted Answer

1. Statements of Financial Accounting Co

Question 20

International Financial Reporting Standards (IFRS) are issued by the:

Accepted Answer

A)  EU (European Union). 
B)  SEC (Securities and Exchange Commission). 
C)  FASB (Financial Accounting Standards Board). 
D)  IASB (International Accounting Standards Board). 
A)  EU (European Union). 
B)  SEC (Securities and Exchange Commission). 
C)  FASB (Financial Accounting Standards Board). 
D)  IASB (International Accounting Standards Board).

Discuss the role of ethics in accounting.

Which of the following pronouncements were issued by the Accounting Principles Board?

Which of the following was not a criticism of the development of accounting standards by the Accounting Principles Board?

The impact of accounting reports on various segments of our economic society is the definition of the concept of

What is the purpose of Emerging Issues Task Force?

Some accountants maintain that accounting standards are as much a product of political action as they are of careful logic or empirical findings. This belief is an example of the concept of

Discuss the FASB ASC including the reasons for its adoption and the FASB's goals in developing it.

Discuss why standard setting may be viewed as a political process.

Which of the following is a public sector accounting standard setter?

What controversy caused the AICPA to issue Rule 203 that requires companies to use GAAP when issuing financial statements?

What controversy originally highlighted the need for standard setting groups to have more authority?

Financial accounting standard-setting in the United States can be described as:

Considering and understanding how business decisions affect the financial statements is

Why is the development of a general theory of accounting important?

What historical evidence of the business operations of the private estate of Apollonius was discovered early in the 20th century?

The mission of the International Accounting Standards Board (IASB) is to

What was the purpose of the GAAP Hierarchy?

The body that has the ultimate power to prescribe the accounting practices and standards to be employed by companies that fall under its jurisdiction is the

What were the four types of pronouncements originally issued by the FASB prior to the adoption of the FASB ASC?

International Financial Reporting Standards (IFRS) are issued by the:

The Pursuit of the Conceptual Framework

International Accounting

Research Methodology and Theories on the Uses of Accounting Information

Income Concepts, Revenue Recognition, and Other Methods of Reporting

Financial Statement I: the Income Statement

Financial Statements Ii: the Balance Sheet and the Statement of Cash Flows

Working Capital

Long-Term Assets I: Property, Plant, and Equipment

Long-Term Assets Ii : Investments and Intangibles

Long-Term Liabilities

Accounting for Income Taxes

Leases

Pensions and Other Postretirement Benefits

Equity

Accounting for Multiple Entities

Financial Reporting Disclosure Requirements and Ethical Responsibilities

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Exam 1: The Development of Accounting Theory

Discuss the role of ethics in accounting.

Which of the following pronouncements were issued by the Accounting Principles Board?

Which of the following was not a criticism of the development of accounting standards by the Accounting Principles Board?

The impact of accounting reports on various segments of our economic society is the definition of the concept of

What is the purpose of Emerging Issues Task Force?

Some accountants maintain that accounting standards are as much a product of political action as they are of careful logic or empirical findings. This belief is an example of the concept of

Discuss the FASB ASC including the reasons for its adoption and the FASB's goals in developing it.

Discuss why standard setting may be viewed as a political process.

Which of the following is a public sector accounting standard setter?

What controversy caused the AICPA to issue Rule 203 that requires companies to use GAAP when issuing financial statements?

What controversy originally highlighted the need for standard setting groups to have more authority?

Financial accounting standard-setting in the United States can be described as:

Considering and understanding how business decisions affect the financial statements is

Why is the development of a general theory of accounting important?

What historical evidence of the business operations of the private estate of Apollonius was discovered early in the 20th century?

The mission of the International Accounting Standards Board (IASB) is to

What was the purpose of the GAAP Hierarchy?

The body that has the ultimate power to prescribe the accounting practices and standards to be employed by companies that fall under its jurisdiction is the

What were the four types of pronouncements originally issued by the FASB prior to the adoption of the FASB ASC?

International Financial Reporting Standards (IFRS) are issued by the:

The Pursuit of the Conceptual Framework

International Accounting

Research Methodology and Theories on the Uses of Accounting Information

Income Concepts, Revenue Recognition, and Other Methods of Reporting

Financial Statement I: the Income Statement

Financial Statements Ii: the Balance Sheet and the Statement of Cash Flows

Working Capital

Long-Term Assets I: Property, Plant, and Equipment

Long-Term Assets Ii : Investments and Intangibles

Long-Term Liabilities

Accounting for Income Taxes

Leases

Pensions and Other Postretirement Benefits

Equity

Accounting for Multiple Entities

Financial Reporting Disclosure Requirements and Ethical Responsibilities

Filters