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Submitted by Batiste, Le'fiena (lebatiste) on 2/9/2010 9:38:56 PM Points Awarded 0.00 Points Missed 100.00 Percentage 0% 1.  FASB Technical Bulletins are more authoritative than FASB Standards and Interpretations.  A) True B) False Points Earned:  0.0/5.0  Correct Answer(s): False 2.  The AICPA’s Code of Professional Conduct requires that members prepare financial statements in accordance  with generally accepted accounting principles.  A) True B) False Points Earned:  0.0/5.0  Correct Answer(s): True 3.  The expectations gap is caused by what the public thinks accountants should be doing and what accountants  think they can do.  A) True B) False Points Earned:  0.0/5.0  Correct Answer(s): True
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4.  What is a major objective of financial reporting?  A) Provide information that is useful to the Internal Revenue Service in determining the amount of federal  income taxes payable.  B) Provide information that is useful in assessing the amounts and timing of revenue.  C) Provide information that is comprehensible only by sophisticated investors.  D) Provide information that clearly portrays the economic resources of an enterprise.  Points Earned:  0.0/5.0  Correct Answer(s): D 5.  What is due process in the context of standard setting at the FASB?  A) FASB operates in full view of the public.  B) Public hearings are held on proposed accounting standards.  C) Interested parties can make their views known.  D) All of the above.  Points Earned: 
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This note was uploaded on 09/21/2010 for the course ACCT 2401 taught by Professor Riddles during the Spring '10 term at San Jacinto.

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