Intermediate Accounting Unit 2 The Enviroment of Financial Framework

Intermediate Accounting Unit 2 The Enviroment of Financial Framework

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Intermediate Accounting Unit 2: The Environment of Financial Framework - Review 1. Question: Which of the following documents includes all of the accounting standards? Your Answer: Regulation S-X The FASB Conceptual Framework Statements of Financial Accounting Standards none of these CORRECT Points Received: 2 of 2 Comments: 2. Question: Which of the following statements is true? Your Answer: In order to remain impartial, the FASB discourages public input during development of standards. FASB accounting standards are the result of clearly defined objectives, an integrated body of theory, and the known consequences of actions. INCORRECT The FASB deliberates and issues accounting standards only after receiving a formal letter of request from the SEC. Accounting standards, which reflect social decisions, are often the result of compromise. CORRECT ANSWER Points Received: 0 of 2 Comments: 3. Question: How many FASB members are there? Your Answer:
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This note was uploaded on 11/21/2011 for the course KAPLAN UNI MT 140 taught by Professor Thum during the Spring '10 term at Kaplan University.

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Intermediate Accounting Unit 2 The Enviroment of Financial Framework

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