Exam 9: Uniformity and Disclosure: Some Policy Making Directions

The 10-K report filed annually with the SEC is basically aimed toward which of the following groups?

In accounting, we presume that if rigid uniformity can be attained, it is superior to finite uniformity.

Accounting for inventory and cost of goods sold and for depreciation is an example of:

Minimizing reported income would not be a motive guiding the selection of accounting methods.

Prescribing one method for generally similar transactions even though relevant circumstances may be present is referred to as:

Flexibility is not often used in generally accepted accounting principles.

Under which of the following circumstances should finite uniformity be used?

Environmental conditions are elements beyond managerial control.

Which of the following is not listed by Fields, Lys, and Vincent as a possible reason underlying management choice?

The concept of uniformity appears to overlap with consistency.

Which of the following terms represents the two general types of relevant circumstances?

Which of the following is a true statement?

The treatment of loss contingencies required in SFAS No. 5 is an example of:

Since the 1970s, the SEC appears to have shifted its emphasis toward informative disclosure rather than protective disclosure.

Which of the following is not true of accounting allocations?

Which of the following describes information overload?

From a theoretical standpoint, which of the following represents the approach to interim reporting with the most validity?

Under which of the following circumstances should rigid uniformity be used?

The determination of whether a lease is a capital or operating lease is an example of:

Finite uniformity should always be used in accounting for complex events.