Академический Документы
Профессиональный Документы
Культура Документы
(Points: 5) has all CPAs in the United States vote on a new Statement. enables interested
parties to express their views on issues under consideration. identifies the accounting
issues that are the most important. requires that all accountants receive a copy of financial
standards.
2. (TCO A) The IASB: (Points: 5) governs accounting standards in the U.S. is working
on a convergence project with the FASB. sets the accounting standards for only
European countries. plays only a minor part in accounting rule making throughout the
world.
3. (TCO A) International GAAP, or i-GAAP: (Points: 5) has different standards than
under U.S. GAAP. has some commonality with U.S. GAAP in many areas. is accepted
by many countries throughout the world all of the above are true.
4. (TCO A) Information is neutral if it: (Points: 5) provides benefits which are at least
equal to the costs of its preparation. can be compared with similar information about an
enterprise at other points in time. would have no impact on a decision maker. is free from
bias toward a predetermined result.
5. (TCO A) Which of the following elements of financial statements is not a component
of comprehensive income? (Points: 5) Revenues Distributions to owners Losses
Expenses
6. (TCO A) Issuance of common stock for cash affects which basic element of financial
statements? (Points: 5) Revenues Losses Liabilities Equity
7. (TCO A) Which basic element of financial statements arise from peripheral or
incidental transactions? (Points: 5) Assets Liabilities Gains Expenses
8. (TCO A) Which basic assumption may not be followed when a firm in bankruptcy
reports financial results? (Points: 5) Economic entity assumption Going concern
assumption Periodicity assumption Monetary unit assumption
9. (TCO A) What is the quality of information that enables users to better forecast future
operations? (Points: 5) Reliability. Materiality. Comparability. Relevance.
10. (TCO A) Financial information exhibits the characteristic of consistency when
(Points: 5) expenses are reported as charges against revenue in the period in which they
are paid. accounting entities give accountable events the same accounting treatment
from period to period. extraordinary gains and losses are not included on the income
statement. accounting procedures are adopted which give a consistent rate of net income
11. (TCO A) Which of the following is true with regard to the element "comprehensive
income"? (Points: 5) includes all changes in equity during a period except those
22. (TCO D) Treasury stock should be reported as a(n) (Points: 5) current asset.
investment other asset. reduction of stockholder's equity.