Exam 1: Financial Accounting and Accounting Standards

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Objective of financial reporting.What is the objective of financial reporting? How do general-purpose financial statements help meet this objective.

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Question 1

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The objective of financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in decisions about providing resources to the entity.
General-purpose financial statements provide financial reporting information to a wide variety of users. They help shareholders, creditors, employees, and regulators to better understand a company's financial position and related performance.

Authoritative standards for IFRS include:

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Question 2

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IFRS includes both International Financial Reporting Standards and International Accounting Standards.

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Question 3

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Which of the following organizations selects members for the IASB?

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Question 4

Which of the following is not a part of generally accepted accounting principles?

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Question 5

The most significant current source of generally accepted accounting principles is the

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Question 6

The objective of financial reporting is to report the plans made by a company to improve the productivity of its employees.

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Question 7

What is the "expectations gap"?

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Question 8

Characteristics of generally accepted accounting principles include all of the following except

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Question 9

The purpose of the Emerging Issues Task Force is to

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Question 10

27. The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organization's operations is called

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Question 11

The information provided by financial reporting pertains to

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Question 12

The Financial Accounting Standards Board (FASB) was proposed by the

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Question 13

Which of the following publications does not qualify as a statement of generally accepted accounting principles?

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Question 14

The Financial Accounting Standards Board employs a "due process" system which

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Question 15

The Public Company Accounting Oversight Board has oversight and enforcement authority and establishes auditing and independence standards and rules.

(True/False)

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Question 16

Why was it believed that accounting standards that were issued by the Financial Accounting Standards Board would carry more weight?

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Question 17

Which of the following is related to an effective capital allocation?

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Question 18

Statements of Financial Accounting Concepts set forth fundamental objectives and concepts that are used by the FASB in developing future standards of financial accounting and reporting.

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Question 19

GAAP is a product of careful logic or empirical findings and is not influenced by political action.

(True/False)

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Question 20

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Exam 1: Financial Accounting and Accounting Standards

Objective of financial reporting.What is the objective of financial reporting? How do general-purpose financial statements help meet this objective.

Authoritative standards for IFRS include:

IFRS includes both International Financial Reporting Standards and International Accounting Standards.

Which of the following organizations selects members for the IASB?

Which of the following is not a part of generally accepted accounting principles?

The most significant current source of generally accepted accounting principles is the

The objective of financial reporting is to report the plans made by a company to improve the productivity of its employees.

What is the "expectations gap"?

Characteristics of generally accepted accounting principles include all of the following except

The purpose of the Emerging Issues Task Force is to

27. The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organization's operations is called

The information provided by financial reporting pertains to

The Financial Accounting Standards Board (FASB) was proposed by the

Which of the following publications does not qualify as a statement of generally accepted accounting principles?

The Financial Accounting Standards Board employs a "due process" system which

The Public Company Accounting Oversight Board has oversight and enforcement authority and establishes auditing and independence standards and rules.

Why was it believed that accounting standards that were issued by the Financial Accounting Standards Board would carry more weight?

Which of the following is related to an effective capital allocation?

Statements of Financial Accounting Concepts set forth fundamental objectives and concepts that are used by the FASB in developing future standards of financial accounting and reporting.

GAAP is a product of careful logic or empirical findings and is not influenced by political action.

Conceptual Framework for Financial Reporting

The Accounting Information System

Income Statement and Related Information

Balance Sheet and Statement of Cash Flows

Accounting and the Time Value of Money

Cash and Receivables

Valuation of Inventories: a Cost-Basis Approach

Inventories: Additional Valuation Issues

Acquisition and Disposition of Property, Plant, and Equipment

Depreciation, Impairments, and Depletion

Intangible Assets

Current Liabilities and Contingencies

Long-Term Liabilities

Stockholders Equity

Dilutive Securities and Earnings Per Share

Investments

Revenue Recognition

Accounting for Income Taxes

Accounting for Pensions and Postretirement Benefits

Accounting for Leases

Accounting Changes and Error Analysis

Statement of Cash Flows

Full Disclosure in Financial Reporting

Appendix

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