Exam 1: Environment and Theoretical Structure of Financial Accounting

Listed below are ten organizations followed by a list of phrases that describe or characterize the organizations. Match each phrase with the correct organization. -FASAC

What is the SEC and how is it involved with accounting standard-setting?

In the United States, the conceptual framework indicates GAAP when a more specific accounting standard does not apply.

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. -Financial Accounting Standards Board

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. -American Institute of CPAs (AICPA)

Maltec Corporation has started placing its quarterly financial statements on its web page, thereby reducing by 10 days the time to get information to investors and creditors. The qualitative concept improved is:

A firm's comprehensive income always:

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. -Consistency

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. -Neutrality

A constraint on qualitative characteristics of accounting information is:

Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept demonstrated is:

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. -Materiality

The full disclosure principle requires a balance between:

The most political issue in the FASB's most recent deliberations and amendments to GAAP on stock options was:

Which of the following best describes the additional information that companies use to meet the requirements of full disclosure in financial statements?

What provisions did the Public Company Accounting Reform and Investor Protection (Sarbanes-Oxley) Act of 2002 make for performance of nonaudit services by an audit firm?

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. -Equity

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. -Going concern assumption

External decision makers would not look primarily to financial accounting information to assist them in making decisions on:

When a registrant company submits its annual filing to the SEC, it uses: