
FARAP Day 1 Quiz 1
Authored by Quen Ross
Business
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The International Accounting Standards Board was formed
To enforce IFRS in foreign countries
To develop a single set of high quality IFRS
To establish accounting standards for multinational entities
To develop accounting standards for countries that do not have their own standard-setting bodies
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Once an accounting standard has been established
The standard is continually reviewed to see if modification is necessary.
The standard is not reviewed.
The task of reviewing the standard is given to a national organization of CPAs.
No revisions should be made to the standard.
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The primary focus of financial reporting has been on meeting the needs of which of the following groups?
Management
Existing and potential investors, lenders, and other creditors
National and local existing authorities
Independent CPAs
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The usefulness of providing information in financial statements is subject to the constraint of
Consistency
Cost-benefit
Reliability
Representational faithfulness
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The first step in the accounting cycle is to
Record transaction in a journal.
Analyze transactions from source documents.
Post journal entries to general ledger accounts.
Adjust the general ledger accounts.
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Inflation is ignored in accounting due to
Economic entity assumption
Going concern assumption
Monetary unit assumption
Periodicity assumption
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Generally accepted accounting principles
Are accounting principles based on law.
Derive their credibility and authority from law.
Derive their authority from regulatory authority.
Derive their credibility and authority from recognition and acceptance by the accountancy profession.
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