RelativeResourceManager - Name: _ Date: _ 1. What is a...

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Name: __________________________ Date: _____________ 1. What is a major objective of financial reporting? A) Provide information that is useful to management in making decisions. B) Provide information that clearly portray nonfinancial transactions. C) Provide information that is useful to assess the amounts, timing, and uncertainty of perspective cash receipts. D) Provide information that excludes claims to the resources. 2. Accrual accounting is used because A) cash flows are considered less important. B) it provides a better indication of ability to generate cash flows than the cash basis. C) it recognizes revenues when cash is received and expenses when cash is paid. D) none of the above. 3. What is the purpose of Emerging Issues Task Force? A) Provide interpretation of existing standards. B) Provide a consensus on how to account for new and unusual financial transactions. C) Provide interpretive guidance. D) Provide timely guidance on select issues. 4. 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. 5. Which of the following pronouncements were issued by the Accounting Principles Board? A) Accounting Research Bulletins B) Opinions C) Statements of Position D) Statements of Financial Accounting Concepts Page 1
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6. According to Statement of Financial Accounting Concepts No. 2, verifiability is an ingredient of the primary quality of A) B) C) D) 7. Revenue generally should be recognized A) at the end of production. B)
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This note was uploaded on 02/21/2011 for the course ACCT 3410 taught by Professor Vicky during the Spring '11 term at Aarhus Universitet, Aarhus.

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RelativeResourceManager - Name: _ Date: _ 1. What is a...

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