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

a. American Accounting Association

b. American Institute of Certified Public Accountants

c. American Institute of Accountants

d. Financial Executives Institute

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

d. Accounting for the investment tax credit

a. Accounting for stock options

c. Accounting for marketable securities

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

b. Statements of Financial Accounting Standards

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?

b. Statements of Financial Accounting Standards

What is the purpose of Emerging Issues Task Force?

c. Provide implementation guidance within the Codification framework to reduce diversity in practice on a timely basis.

a. Provide interpretation of existing standards

b. Provide timely guidance on select issues.

d. Provide interpretive guidance

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

b. Small businesses do not need to keep financial records

a. If a small business omits a GAAP requirement from audited financial statements, a qualified or adverse opinion may be rendered.

c. The cost of complying with GAAP requirements may cause a small business to forgo the development of other, more relevant information.

d. Small CPA firms that audit smaller companies must keep up to date on all the same requirements as large international firms, but they cannot afford the specialists that are available on a centralized basis in the large firms.

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

a. Standard setting as a political process

d. The role of ethics in accounting

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

c. A political process which reflects actions of various interested user groups as well as a product of research and logic.

a. A democratic process in the sense that a majority of accountants must agree with a standard before it becomes enforceable.

b. A research process based on empirical findings

d. A legalistic process based on rules promulgated by governmental agencies

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

a. Standard setting as apolitical process

d. The role of ethics in accounting

Considering and understanding how business decisions affect the financial statements is

c. Referred to as an economic consequence perspective.

a. The sole responsibility of the Securities and Exchange Commission.

b. Provided in the auditor’s report.

d. Interpreted strictly by the company’s suppliers.

Economic consequences of accounting standard-setting means:

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.

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

c. Develop a single set of high-quality and understandable IFRS for general-purpose financial statements.

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.

d. Arbitrate accounting disputes between auditors and international companies.

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

c. Accounting Principles Board.

a. American Institute of Certified Public Accountants.

b. Study Group on establishment of Accounting Principles (Wheat Committee).

d. Study Group on the Objectives of Financial Statements (Trueblood Committee)

Which of the following organizations was established by the federal government to help develop and standardize financial information presented to stockholders?

a. AICPA (American Institute of Certified Public Accountants).

CAP (Committee on Accounting Procedure)

All the following are true regarding the FASB Accounting Standards Codification except:

c. The purpose of the Codification is to create new GAAP.

a. The Codification changes the way GAAP is documented, presented, and updated.

b. The goal of the Codification was to provide one place where all authoritative literature about a particular topic could be found.

d. The Codification was created to simplify user access.

Dawn, Garret and Josh have partnership capital account balances of $225,000, $450,000 and $105,000, respectively. The income sharing ratio is Dawn, 50%; Garret, 40%; and Josh, 10%. Dawn desires to withdraw from the partnership and it is agreed that partnership assets of $195,000 will be used to pay Dawn for her partnership interest. The balances of Garret’s and Josh’s Capital accounts after Dawn’s withdrawal would be

b. Garret, $474,000; Josh, $111,000

a. Garret, $450,000; Josh, $105,000.

c. Garret, $426,000; Josh, $99,000.

d. Garret, $435,000; Josh, $90,000.

Leno joins the partnership of Kingsley and McCaffrey by paying $95,000 in cash. If the net assets of the partnership are still the same amount after Leno has been admitted as a partner, then Leno

b. must have been admitted by purchase of a partner's interest.

a. must have been admitted by investment of assets.

c. must have received a bonus upon being admitted.

d. could have been admitted by an investment of assets or by a purchase of a partner's interest.

#01_Accounting Theory

Authored by Anton Kacaribu

English

University

Used 1+ times

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

Content View

Student View

35 questions

Show all answers

MULTIPLE CHOICE QUESTION

1 min • 1 pt

International Financial Reporting Standards (IFRS) are issued by the:

a. EU (European Union).

b. SEC (Securities and Exchange Commission).

c. FASB (Financial Accounting Standards Board).

d. IASB (International Accounting Standards Board).

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a. Securities and Exchange Commission

b. Financial Accounting Standards Board

c. International Accounting Standards Committee

d. Internal Revenue Service

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What historical evidence of the business operations of the private estate of Apollonius was discovered early in the 20th century?

a. The Iliad

b. Plato's Republic

c. The Zenon papyri

d. Pacioli’s work, Summa de Arithmetica Geometria Proportioni et Proportionalita,

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a. Francis Wheat

b. Fra Luca Pacioli

c. A. C. Littleton

d. William Paton

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

5.Which organization was responsible for issuing Accounting Research Bulletins?

a. The Committee on Accounting Procedure

b. The Accounting Principles board

c. The Financial Accounting Standards Board

d. The Securities and Exchange Commission

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

a. Accounting Research Bulletins

b. APB Opinions

c. Statements of Financial Accounting Concepts

d. Accounting Standards Updates

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

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.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

30 questions

Comparative Superlative

Quiz

•

5th Grade - University

30 questions

Unit 7: Dendrochronology

Quiz

•

University

35 questions

past continuous vs simple past

Quiz

•

12th Grade - University

33 questions

The time

Quiz

•

University

30 questions

BE2 - Vocabulary Review

Quiz

•

University

40 questions

LIntroTU5-6

Quiz

•

University

38 questions

Conversation

Quiz

•

University

30 questions

There is - There are

Quiz

•

University

Popular Resources on Wayground

15 questions

Fractions on a Number Line

Quiz

•

3rd Grade

20 questions

Equivalent Fractions

Quiz

•

3rd Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

29 questions

Alg. 1 Section 5.1 Coordinate Plane

Quiz

•

9th Grade

$fractions$

22 questions

fractions

Quiz

•

3rd Grade

11 questions

FOREST Effective communication

Lesson

•

20 questions

Main Idea and Details

Quiz

•

5th Grade

20 questions

Context Clues

Quiz

•

6th Grade

Discover more resources for English

12 questions

IREAD Week 4 - Review

Quiz

•

3rd Grade - University

20 questions

Implicit vs. Explicit

Quiz

•

6th Grade - University

18 questions

The Basic Parts of an Essay

Quiz

•

9th Grade - University

#01_Accounting Theory

International Financial Reporting Standards (IFRS) are issued by the:

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

What historical evidence of the business operations of the private estate of Apollonius was discovered early in the 20th century?

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

5.Which organization was responsible for issuing Accounting Research Bulletins?

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

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

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

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

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

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for English