tbch01 - CHAPTER 1 Financial Reporting MULTIPLE CHOICE...

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C HAPTER 1 Financial Reporting M ULTIPLE C HOICE Q UESTIONS Theory/Definitional Questions 1 Objective of financial reporting 2 Objectives of financial reporting 3 Definition of financial accounting 4 Definition of management accounting 5 Responsibilities of an external auditor 6 Responsibilities of an external auditor 7 Internal users of financial information 8 Issuers of GAAP prior to 1973 9 FASB appointed by the Financial Accounting Foundation 10 Financial Accounting Foundation oversees operations of the FASB 11 Differences between FASB and APB 12 Characteristics of FASB 13 Types of documents issued by the FASB 14 Responsibility for GAAP and public reporting rests with FASB 15 Responsibilities of the EITF 16 Order followed by FASB in publishing standards 17 Proper application of accounting principles dependent upon professional judgment 18 Responsibilities of GASB 19 Source of GAAP for governmental operations is GASB 20 Process of establishing accounting standards 21 Congressional involvement in accounting 22 FASB responsibility after initial issuance of standard 23 Management has primary responsibility for preparing GAAP financial statements 24 Historical sequence of accounting rule-making bodies 25 FASB is source of GAAP for nongovernmental operations 26 Number of members who serve on FASB 27 Role of individual companies in standard setting 28 Pronouncements issued by SEC 29 Primary purpose of SEC 30 Form 10-K submitted to SEC 1
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31 The Journal of Accountancy published by the AICPA 32 Purpose of IASC 33 FASB recommended financial statements 34 Source of credibility and authority for GAAP 35 Purpose of conceptual framework 36 Definition of accounting periods 37 Definition of going concern 38 Constraints underlying qualitative characteristics of information 39 Characteristic of verifiability 40 Measurement attributes currently in use 41 Characteristic of consistency 42 Historical cost and reliability 43 Characteristic of comparability 44 Characteristic of conservatism 45 Secondary qualitative characteristics of accounting information 46 Components of comprehensive income 47 Materiality and disclosure in financial statements 48 Going-concern assumption 49 Purpose of conceptual framework 50 Implications of going-concern assumption 51 Overriding qualitative characteristic of information 52 Objectives of financial reporting 53 Example of materiality constraint 54 Criteria for recognition 55 Recognition--process of reporting an item 56 Definition of conservatism 57 Definition of economic entity assumption 58 Relevance and reliability--neutrality as an ingredient 59 Relevance and reliability--representational faithfulness 60 Relevance and reliability--predictive and feedback values 61 Relevance and reliability--consistency and verifiability 62 Services offered by national CPA firms 63 Branch of accounting responsible for providing information to internal users 64 Singularly unique function performed by certified public accountants 65 Branch of accounting responsible for providing information to present and
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This note was uploaded on 10/29/2010 for the course BUSINESS S 1 taught by Professor Vinc during the Spring '10 term at Georgian.

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tbch01 - CHAPTER 1 Financial Reporting MULTIPLE CHOICE...

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