Question 1

Which of the following is most likely based on an assumption?

Accepted Answer

A) how to record petty cash transactions 
B) decision for which method of depreciation to use 
C) the balance in the cash account 
D) the value of the Accounts Payable account 
A) how to record petty cash transactions 
B) decision for which method of depreciation to use 
C) the balance in the cash account 
D) the value of the Accounts Payable account

Question 2

Failing to consider all relevant data,and just using the information most readily available or easily recalled is known as ________.

Accepted Answer

A) the groupthink bias 
B) the anchoring bias 
C) the availability bias 
D) the confirmatory bias 
A) the groupthink bias 
B) the anchoring bias 
C) the availability bias 
D) the confirmatory bias

Question 3

Identify the level of the U.S.GAAP Literature Hierarchy that each item belongs to.

Accepted Answer

The answer of Identify the level of the U.S.GAAP Literature...

Question 4

Best practice suggests that accountants should commit the accounting standards to memory.

Accepted Answer

A) True 
 B)False

Question 5

Posing the question "Which method of depreciation should TNT Company use for their new equipment?" would most likely occur in which step of the financial accounting research process?

Accepted Answer

A) Step 1 
B) Step 2 
C) Step 3 
D) Step 4 
A) Step 1 
B) Step 2 
C) Step 3 
D) Step 4

Question 6

IFRS standards include all of the following except ________.

Accepted Answer

A) Standing Interpretations Committee Interpretations 
B) IFRS Interpretations Committee Interpretations 
C) Standing Accounting Standards 
D) International Accounting Standards 
A) Standing Interpretations Committee Interpretations 
B) IFRS Interpretations Committee Interpretations 
C) Standing Accounting Standards 
D) International Accounting Standards

Question 7

Which of the following would not be considered a user of the Codification?

Accepted Answer

A) SEC staff 
B) accounting students 
C) investors 
D) All of the above would be considered users. 
A) SEC staff 
B) accounting students 
C) investors 
D) All of the above would be considered users.

Which of the following is most likely based on an assumption?

Failing to consider all relevant data,and just using the information most readily available or easily recalled is known as ________.

Identify the level of the U.S.GAAP Literature Hierarchy that each item belongs to.

Best practice suggests that accountants should commit the accounting standards to memory.

Posing the question "Which method of depreciation should TNT Company use for their new equipment?" would most likely occur in which step of the financial accounting research process?

IFRS standards include all of the following except ________.

Which of the following would not be considered a user of the Codification?

The Financial Reporting Environment

Financial Reporting Theory

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

OL: Revenue Recognition

Short-Term Operating Assets: Cash and Receivables

Short-Term Operating Assets: Inventory

Long-Term Operating Assets: Acquisition, cost Allocation, and Derecognition

Long-Term Operating Assets: Departures From Historical Cost

Operating Liabilities and Contingencies

OL: Operating Liabilities and Contingencies

Financing Liabilities

Accounting for Stockholders Equity

Investing Assets

Accounting for Income Taxes

Accounting for Employee Compensation and Benefits

Earnings Per Share

Accounting Corrections and Error Analysis

Filters

Exam 3: Judgment and Applied Financial Accounting Research

Which of the following is most likely based on an assumption?

Failing to consider all relevant data,and just using the information most readily available or easily recalled is known as ________.

Identify the level of the U.S.GAAP Literature Hierarchy that each item belongs to.

Best practice suggests that accountants should commit the accounting standards to memory.

Posing the question "Which method of depreciation should TNT Company use for their new equipment?" would most likely occur in which step of the financial accounting research process?

IFRS standards include all of the following except ________.

Which of the following would not be considered a user of the Codification?

The Financial Reporting Environment

Financial Reporting Theory

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

OL: Revenue Recognition

Short-Term Operating Assets: Cash and Receivables

Short-Term Operating Assets: Inventory

Long-Term Operating Assets: Acquisition, cost Allocation, and Derecognition

Long-Term Operating Assets: Departures From Historical Cost

Operating Liabilities and Contingencies

OL: Operating Liabilities and Contingencies

Financing Liabilities

Accounting for Stockholders Equity

Investing Assets

Accounting for Income Taxes

Accounting for Employee Compensation and Benefits

Earnings Per Share

Accounting Corrections and Error Analysis

Filters