Question 1

Discuss the evolution of accounting during the 1930s.

Accepted Answer

One of the first attempts to improve acc

Question 2

How did the Sarbanes-Oxley Act change the way the FASB is funded?

Accepted Answer

The Sarbanes-Oxley Act changed the way t

Question 3

What controversy originally highlighted the need for standard setting groups to have more authority?

Accepted Answer

A) Accounting for stock options 
B) Accounting for derivatives 
C) Accounting for marketable securities 
D) Accounting for the investment tax credit 
A) Accounting for stock options 
B) Accounting for derivatives 
C) Accounting for marketable securities 
D) Accounting for the investment tax credit

Question 4

What is a special purpose entity and how do they work?

Accepted Answer

A special purpose entity SPE)is used to

Question 5

Economic consequences of accounting standard-setting means:

Accepted Answer

A) Standard-setters must give first priority to ensuring that companies do not suffer any adverse effect as a result of a new standard. 
B) Standard-setters must ensure that no new costs are incurred when a new standard is issued. 
C) The objective of financial reporting should be politically motivated to ensure acceptance by the general public. 
D) Accounting standards can have detrimental impacts on the wealth levels of the providers of financial information. 
A) Standard-setters must give first priority to ensuring that companies do not suffer any adverse effect as a result of a new standard. 
B) Standard-setters must ensure that no new costs are incurred when a new standard is issued. 
C) The objective of financial reporting should be politically motivated to ensure acceptance by the general public. 
D) Accounting standards can have detrimental impacts on the wealth levels of the providers of financial information.

Question 6

Why is the development of a general theory of accounting important?

Accepted Answer

The development of a general theory of a

Question 7

The mission of the International Accounting Standards Board IASB)is to

Accepted Answer

A) Develop a uniform currency in which the financial transactions of companies throughout the world would be measured. 
B) Issue enforceable standards which regulate the financial accounting and reporting of multinational corporations. 
C) Develop a single set of high-quality and understandable IFRS for general-purpose financial statements. 
D) Arbitrate accounting disputes between auditors and international companies. 
A) Develop a uniform currency in which the financial transactions of companies throughout the world would be measured. 
B) Issue enforceable standards which regulate the financial accounting and reporting of multinational corporations. 
C) Develop a single set of high-quality and understandable IFRS for general-purpose financial statements. 
D) Arbitrate accounting disputes between auditors and international companies.

Question 8

Which of the following is a public sector accounting standard setter?

Accepted Answer

A) FASB 
B) SEC 
C) APB 
D) CAP 
A) FASB 
B) SEC 
C) APB 
D) CAP

Question 9

What were the purposes of the Wheat and Trueblood committees?

Accepted Answer

The Wheat Committee,chaired by Francis W

Question 10

What controversy caused the AICPA to issue Rule 203 that requires companies to use GAAP when issuing financial statements?

Accepted Answer

Initially,the pronouncements of the APB,

Question 11

Which of the following was not a criticism of the development of accounting standards by the Accounting Principles Board?

Accepted Answer

A) The independence of the members of the APB.The individuals serving on the board had full-time responsibilities elsewhere that might influence their views of certain issues. 
B) The structure of the board.The largest eight public accounting firms at that time)were automatically awarded one member,and there were usually five or six other public accountants on the APB. 
C) Harmonization.The accounting standards developed were dissimilar to those developed by the International Accounting Standards Committee. 
D) Response time.The emerging accounting problems were not being investigated and solved quickly enough by the part-time members. 
A) The independence of the members of the APB.The individuals serving on the board had full-time responsibilities elsewhere that might influence their views of certain issues. 
B) The structure of the board.The largest eight public accounting firms at that time)were automatically awarded one member,and there were usually five or six other public accountants on the APB. 
C) Harmonization.The accounting standards developed were dissimilar to those developed by the International Accounting Standards Committee. 
D) Response time.The emerging accounting problems were not being investigated and solved quickly enough by the part-time members.

Question 12

Which organization was responsible for issuing Accounting Research Bulletins?

Accepted Answer

A) The Committee on Accounting Procedure 
B) The Accounting Principles board 
C) The Financial Accounting Standards Board 
D) The Securities and Exchange Commission 
A) The Committee on Accounting Procedure 
B) The Accounting Principles board 
C) The Financial Accounting Standards Board 
D) The Securities and Exchange Commission

Question 13

Which of the following types of pronouncements now establishes generally accepted accounting principles?

Accepted Answer

A) Statements of Concepts 
B) Statements of Financial Accounting Standards 
C) APB Opinions 
D) Accounting Standards Updates 
A) Statements of Concepts 
B) Statements of Financial Accounting Standards 
C) APB Opinions 
D) Accounting Standards Updates

Question 14

Discuss the FASB ASC including the reasons for its adoption and the FASB's goals in developing it.

Accepted Answer

On July 1,2009 the FASB ASC became the s

Discuss the evolution of accounting during the 1930s.

How did the Sarbanes-Oxley Act change the way the FASB is funded?

What controversy originally highlighted the need for standard setting groups to have more authority?

What is a special purpose entity and how do they work?

Economic consequences of accounting standard-setting means:

Why is the development of a general theory of accounting important?

The mission of the International Accounting Standards Board IASB)is to

Which of the following is a public sector accounting standard setter?

What were the purposes of the Wheat and Trueblood committees?

What controversy caused the AICPA to issue Rule 203 that requires companies to use GAAP when issuing financial statements?

Which of the following was not a criticism of the development of accounting standards by the Accounting Principles Board?

Which organization was responsible for issuing Accounting Research Bulletins?

Which of the following types of pronouncements now establishes generally accepted accounting principles?

Discuss the FASB ASC including the reasons for its adoption and the FASB's goals in developing it.

The Pursuit of the Conceptual Framework

International Accounting

Research Methodology and Theories on the Uses of Accounting Information

Income Concepts, Revenue Recognition and Matching

Financial Statement I: the Income Statement

Financial Statements Ii: the Balance Sheet and the Statement of Cash Flows

Working Capital

Long-Term Assets I: Property, Plant, and Equipment

Long-Term Assets Ii: Investments and Intangibles

Long-Term Liabilities

Accounting for Income Taxes

Leases

Pensions and Other Postretirement Benefits

Equity

Accounting for Multiple Entities

Financial Reporting Disclosure Requirements and Ethical Responsibilities

Filters

Exam 1: The Development of Accounting Theory

Discuss the evolution of accounting during the 1930s.

How did the Sarbanes-Oxley Act change the way the FASB is funded?

What controversy originally highlighted the need for standard setting groups to have more authority?

What is a special purpose entity and how do they work?

Economic consequences of accounting standard-setting means:

Why is the development of a general theory of accounting important?

The mission of the International Accounting Standards Board IASB)is to

Which of the following is a public sector accounting standard setter?

What were the purposes of the Wheat and Trueblood committees?

What controversy caused the AICPA to issue Rule 203 that requires companies to use GAAP when issuing financial statements?

Which of the following was not a criticism of the development of accounting standards by the Accounting Principles Board?

Which organization was responsible for issuing Accounting Research Bulletins?

Which of the following types of pronouncements now establishes generally accepted accounting principles?

Discuss the FASB ASC including the reasons for its adoption and the FASB's goals in developing it.

The Pursuit of the Conceptual Framework

International Accounting

Research Methodology and Theories on the Uses of Accounting Information

Income Concepts, Revenue Recognition and Matching

Financial Statement I: the Income Statement

Financial Statements Ii: the Balance Sheet and the Statement of Cash Flows

Working Capital

Long-Term Assets I: Property, Plant, and Equipment

Long-Term Assets Ii: Investments and Intangibles

Long-Term Liabilities

Accounting for Income Taxes

Leases

Pensions and Other Postretirement Benefits

Equity

Accounting for Multiple Entities

Financial Reporting Disclosure Requirements and Ethical Responsibilities

Filters