Exam 1: The Development of Accounting Theory

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

Which of the following committees recommended abolishing the Accounting Principles Board and replacing it with the Financial Accounting Board?

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

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

The deferred method,which treated the tax credit as a reduction in the cost of the asset and therefore was reflected over the life of the asset through reduced depreciation charges.

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

To work generally for the improvement and harmonization of regulations,accounting standards,and procedures relating to the presentation of financial statements.

What is the purpose of Emerging Issues Task Force?

Which of the following companies was involved in an accounting failure that caused the public accounting firm Arthur Andersen to gout of business?

Which of the following bodies has the ultimate authority to issue accounting pronouncements in the United States?

Which of the following is a source of nonauthoritative accounting guidance and literature?

What was the purpose of the GAAP Hierarchy?

Considering and understanding how business decisions affect the financial statements is

Which of the following types of pronouncements are intended to establish the objectives and concepts that the FASB will use in developing standards of financial accounting and reporting?

Which of the following is not a consequence of the standards overload problem to small businesses?

What is the difference between normative and positive theory?

Discuss the role of ethics in accounting.

Which of the following is the professional organization of university accounting professors?

Who has been given credit or developing the double-entry system of bookkeeping?

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