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ACCT 3101-Assignment 1-Spring 2011

ACCT 3101-Assignment 1-Spring 2011 - ACCT 3101 Assignment 1...

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ACCT 3101 Assignment 1 35 points Due February 17, 2011 Name __________________________________ Follow the directions after question 40 related to submitting your answers. ( 1 point each ) _____ 1. According to your textbook, a conceptual framework a. Is like a constitution. b. Is a coherent system of interrelated objectives and fundamentals. c. Can lead to consistent accounting standards. d. All of the above. e. None of the above. Go to the following URL http://www.fasb.org/news/memorandum.pdf to answer question 2. _____ 2. At a joint meeting, the FASB and the IASB reached an understanding referred to as “The Norwalk Agreement”. In the Norwalk Agreement, the two boards Go to the following URL http://www.fasb.org/cs/BlobServer? blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175821997186&blobheader=app lication%2Fpdf . You should find Statement of Financial Accounting Concepts No. 8. Use the Concepts Statement No. 8 to answer the following questions. _____ 3. Concept Statement No. 8 is the result of the joint conceptual framework project of the FASB and IASB is: a. True. b. False. _____ 4. Concepts Statement No. 8: _____ 5. Concepts Statement No. 8:
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_____ 6. The objective of general purpose of financial reporting is: a. To provide tax information to the appropriate authorities b. To provide financial information about an entity that is useful in the decision- making process of resource providers c. To provide audited financial statements to users. d. All of the above. _____
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