final - 1. Which of the following statements is not an...

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1. Which of the following statements is not an objective of financial reporting? a. Provide information that is useful in investment and credit decisions. b. Provide information about enterprise resources, claims to those resources, and changes to them. c. Provide information on the liquidation value of an enterprise. d. Provide information that is useful in assessing cash flow prospects. 2. The Financial Accounting Standards Board a. has issued a series of pronouncements entitled Statements on Auditing Standards. b. was the forerunner of the current Accounting Principles Board. c. is the arm of the Securities and Exchange Commission responsible for setting financial accounting standards. d. is appointed by the Financial Accounting Foundation. 3. The Financial Accounting Standards Board employs a "due process" system which a. is an efficient system for collecting dues from members. b. enables interested parties to express their views on issues under consideration. c. identifies the accounting issues that are the most important. d. requires that all accountants must receive a copy of financial standards 4. In the House of GAAP, is the following on the highest level of authoritative status (meaning among the most authoritative)? FASB FASB Statement Statement FASB of Financial of Financial Technical Accounting FASB Accounting Bulletin Standards Interpretation Concepts a. Yes Yes Yes Yes b. Yes Yes Yes No c. No Yes No No d. No Yes Yes No 5. The two primary qualities that make accounting information useful for decision making are a. comparability and consistency. b. materiality and timeliness. c. relevance and reliability. d. reliability and comparability. 6. The elements of financial statements include investments by owners. These are increases in an entity's net assets resulting from owners' a. transfers of assets to the entity. b. rendering services to the entity. c. satisfaction of liabilities of the entity. d. all of these. 7. Which of the following is an implication of the going concern assumption?
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a. The historical cost principle is credible. b. Depreciation and amortization policies are justifiable and appropriate. c. The current-noncurrent classification of assets and liabilities is justifiable and
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This note was uploaded on 03/22/2010 for the course ACC 423 taught by Professor Trinahall during the Spring '08 term at University of Phoenix.

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final - 1. Which of the following statements is not an...

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