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MCQ_Accolunting_50_qs Intermidiate Accounting 300

MCQ_Accolunting_50_qs Intermidiate Accounting 300 - please...

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please give me the answer of these multiple choice questions 1. The purposes of the joint long-term project of the FASB and IASB to converge revenue recognition principles include all of the following except (Points: 4) eliminate inconsistencies in conceptual guidance on revenues replace principle-based accounting with rule-based accounting for revenues establish a single comprehensive standard on revenue recognition fill voids in revenue recognition guidance 2. Certain U.S. accounting standards have been, and will be, amended to aid in the international convergence process. The process of changing these standards usually involves (Points: 4) a short deliberation followed by a vote of the U.S. Congress acceptance of the change by the Internal Revenue Service rejecting all existing standards and developing an entirely new concept selecting the best standard between existing U.S. and international standards 3. Conversion to IFRS reporting by all U.S. companies would be best accomplished with a transition plan for all of the following reasons except (Points: 4) it would have to be a multi-year process it needs to be an orderly process with a minimum of cost and disruption to the participants certain IFRS need further improvement through continued convergence efforts careful planning would enable maximum manipulation of the IFRS for the financial benefit of the United States . 4. Which of the following are considered secondary characteristics of accounting information? (Points: 4) verifiability and feedback value predictive value and timeliness comparability and consistency representational faithfulness and neutrality 5. Two constraints mentioned by GAAP on qualitative characteristics are (Points: 4) understandability and decision usefulness comparability and consistency relevance and reliability benefits greater than costs and materiality 6. The IASB and FASB boards have agreed that the objective of general purpose financial reporting is to provide (Points: 4) financial information about a company that is useful to external users in making decisions in their capacity as capital providers mainly cash flow information about a company that is useful to external users in making decisions in their capacity as capital providers financial information about a company that is useful to internal users in making decisions in their capacity as capital custodians financial information about a company that is useful to government regulators in making decisions in their capacity as capital markets monitors 7. The IASB and FASB joint boards feel that financial reporting should (Points: 4) be general purpose be useful in assessing a company’s future cash flows provide information on an accrual basis all of these are true 8. The IASB and FASB joint boards have identified the primary user groups of financial information as all of the following except (Points: 4) equity investors labor groups lenders other creditors (capital providers)
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9. Similar to the constraints in the FASB’s qualitative characteristics, the joint
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