Exam 1: The Financial Reporting Environment

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During the standard-setting process, an ________ is issued by the FASB to solicit input from financial statement preparers, auditors, and other users of financial statements.

(Multiple Choice)

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Question 21

Which of the following user groups consists of individuals that provide guidance to others in making investment and credit decisions?

(Multiple Choice)

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Question 22

The FASB standard-setting process requires a post-implementation review of each new standard.

(True/False)

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Question 23

The Securities and Exchange Commission currently delegates its standard-setting power to the AICPA, a private sector organization.

(True/False)

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Question 24

________ is the amount at which a liability could be incurred or settled in a current transaction between willing parties.

(Multiple Choice)

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Question 25

Managers of economic entities are best considered to be users of financial information.

(True/False)

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Question 26

Give two examples of assets that may be valued at fair value as opposed to historical cost.

(Essay)

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Question 27

What group or organization both protects investors and oversees the accounting standard-setting process in the United States?

(Multiple Choice)

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Question 28

What is meant by general-purpose financial statements?

(Essay)

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Question 29

Principles-based standards involve few, if any, exceptions.

(True/False)

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Question 30

Accounting standard setting began in the United States with the 1934 Securities Exchange Act.

(True/False)

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Question 31

Rules-based standards result in inconsistencies between standards.

(True/False)

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Question 32

How does accounting help in the capital allocation process?

(Essay)

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Question 33

Which of the following organizations is responsible for setting accounting standards for state and local governments?

(Multiple Choice)

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Question 34

The U.S. Congress has given the Securities and Exchange Commission the power to promulgate accounting standards for all publicly traded firms.

(True/False)

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Question 35

What is the term that describes the process of identifying, measuring, and communicating financial information about an economic entity to various user groups?

(Multiple Choice)

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Question 36

Contrast the differences between rules-based standards and principles-based standards.

(Essay)

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Question 37

IFRS refers to generally accepted accounting standards that apply globally.

(True/False)

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Question 38

Currently, what is the single source of generally accepted accounting principles in the United States?

(Multiple Choice)

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Question 39

Which of the following is not a current trend in accounting-standards setting?

(Multiple Choice)

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Question 40

Showing 21 - 40 of 80

Exam 1: The Financial Reporting Environment

During the standard-setting process, an ________ is issued by the FASB to solicit input from financial statement preparers, auditors, and other users of financial statements.

Which of the following user groups consists of individuals that provide guidance to others in making investment and credit decisions?

The FASB standard-setting process requires a post-implementation review of each new standard.

The Securities and Exchange Commission currently delegates its standard-setting power to the AICPA, a private sector organization.

________ is the amount at which a liability could be incurred or settled in a current transaction between willing parties.

Managers of economic entities are best considered to be users of financial information.

Give two examples of assets that may be valued at fair value as opposed to historical cost.

What group or organization both protects investors and oversees the accounting standard-setting process in the United States?

What is meant by general-purpose financial statements?

Principles-based standards involve few, if any, exceptions.

Accounting standard setting began in the United States with the 1934 Securities Exchange Act.

Rules-based standards result in inconsistencies between standards.

How does accounting help in the capital allocation process?

Which of the following organizations is responsible for setting accounting standards for state and local governments?

The U.S. Congress has given the Securities and Exchange Commission the power to promulgate accounting standards for all publicly traded firms.

What is the term that describes the process of identifying, measuring, and communicating financial information about an economic entity to various user groups?

Contrast the differences between rules-based standards and principles-based standards.

IFRS refers to generally accepted accounting standards that apply globally.

Currently, what is the single source of generally accepted accounting principles in the United States?

Which of the following is not a current trend in accounting-standards setting?

Financial Reporting Theory

Judgment and Applied Financial Accounting Research

Review of the Accounting Cycle

Statements of Net Income and Comprehensive Net Income

Statements of Financial Position and Cash Flows and the Annual Report

Accounting and the Time Value of Money

Revenue Recognition

Extenssion: Ol Revenue Recognition Previous Standard

Short-Term Operating Assets: Cash and Receivables

Short-Term Operating Assets: Inventory

Long-Term Operating Assets: Acquisition, Cost Allocation

Long-Term Operating Assets: Departures From Historical Cost

Operating Liabilities and Contingencies

Financing Liabilities

Accounting for Stockholders Equity

Investing Assets

Accounting for Income Taxes

Accounting for Leases

Extension: Ol Accounting for Leases Current Standard

Accounting for Employee Compensation and Benefits

Earnings Per Share

Accounting Corrections and Error Analysis

The Statement of Cash Flows

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