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 a. Agreed to make existing standards fully compatible as soon as it is practical. b. To coordinate future projects to maintain compatibility once it is achieved. c. Both of the above. d. None of the above. Go to the following URL http://www.fasb.org/cs/BlobServer? 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: a. Is the complete conceptual framework. b. Will be part of the complete conceptual framework when the FASB and IASB complete additional phases of their conceptual framework project. c. Is part of the FASB Accounting Standards Codification. d. Is the source of authoritative GAAP. e. None of the above. _____ 5. Concepts Statement No. 8: a. Will require a change in some of current US GAAP. b. Amends the Accounting Standards Codification c. Supersedes FASB Concepts Statements No. 1 and No. 2 d. None of the above.
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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. _____ 7. Which of the following groups would be interested in financial information about an entity? a. Existing investors. b. Potential investors c. Existing lenders d. Potential creditors. e. All of the above would be interested in an entity’s financial information.
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This note was uploaded on 04/29/2011 for the course ACCT 3010 taught by Professor John during the Spring '11 term at University of Minnesota Duluth.

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

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