review test 3 - View Attempt 3 of 4 Title Review Exam...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: View Attempt 3 of 4 Title: Review Exam Started: February 16, 2008 1:29 PM Submitted: February 16, 2008 2:59 PM Time spent: 01:30:36 Total score: 38/40 = 95% Total score adjusted by 0.0 Maximum possible score: 40 1. Accounting principles are "generally accepted" only when: Student Response Correct Answer a. an authoritative accounting rule-making body has established it in an official pro-nouncement. b. it has been accepted as appropriate because of its universal application. c. both a and b. d. neither a nor b. 2. In the House of GAAP, is the following on the highest level of authoritative status (meaning among the most authoritative)? Option FASB Technical Bulletin FASB Statement of Financial Accounting Standards FASB Interpretation FASB Statement of Financial Accounting Concepts A YES YES YES YES B YES YES YES NO C NO YES NO NO D NO YES YES NO Student Response Correct Answer a. A b. B c. C d. D 3. The following published documents are part of the "due process" system used by the FASB in the evolution of a typical FASB Statement of Financial Accounting Standards: 1. Exposure Draft 2. Statement of Financial Accounting Standards 3. Discussion Memorandum The chronological order in which these items are released is as follows: Student Response Correct Answer a. 1,2,3 b. 1,3,2 c. 2,3,1 d. 3,1,2 4. The objectives of financial reporting include all of the following except to provide information that: Student Response Correct Answer a. is useful to the Internal Revenue Service in allocating the tax burden to the business community. b. is useful to those making investment and credit decisions. c. is helpful in assessing future cash flows. d. identifies the economic resources (assets), the claims to those resources (liabilities), and the changes in those resources and claims. 5. Financial information exhibits the characteristic of consistency when: Student Response Correct Answer a. expenses are reported as charges against revenue in the period in which they are paid. b. accounting entities give accountable events the same accounting treatment from period to period. c. extraordinary gains and losses are not included on the income statement. d. accounting procedures are adopted which give a consistent rate of net income....
View Full Document

This note was uploaded on 04/22/2008 for the course ACCT intermedia taught by Professor Acct during the Spring '08 term at University of Houston.

Page1 / 19

review test 3 - View Attempt 3 of 4 Title Review Exam...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online