Assignment for week - CA1-1(FASB and Standard-Setting Presented below are four statements which you are to identify as true or false If false

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CA1-1 (FASB and Standard-Setting) Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false. 1. GAAP is the term used to indicate the whole body of FASB authoritative literature. (True) 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. (False) Companies claiming compliance with GAAP must follow the disclosure requirements as well. 3. The primary governmental body that has influence over the FASB is the SEC . (True) 4. The FASB has a government mandate and therefore does not have to follow due process (False) FASB should operate in transparency to the public through due process system. CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple- choice questions. 1. GAAP stands for: o (a) governmental auditing and accounting practices. o (b) generally accepted attest principles. o (c) government audit and attest policies. o (d) generally accepted accounting principles . 2. Accounting standard-setters use the following process in establishing accounting standards: o (a) Research, exposure draft, discussion paper, standard. o (b) Discussion paper, research, exposure draft, standard. o (c) Research, preliminary views, discussion paper, standard. o (d) Research, discussion paper, exposure draft, standard . 3. GAAP is comprised of: o (a) FASB standards, interpretations, and concepts statements. o (b) FASB financial standards. o (c) FASB standards, interpretations, EITF consensuses, and accounting rules issued by FASB predecessor organizations. o (d) any accounting guidance included in the FASB Codification . E2-5 (Elements of Financial Statements) Ten interrelated elements that are most directly related to measuring the performance and financial status of an enterprise are provided below. Assets Distributions to owners Expenses Liabilities Comprehensive income Gains Equity Revenues Losses Investments by owners Identify the element or elements associated with the 12 items below. (a) Arises from peripheral or incidental transactions. (b) Obligation to transfer resources arising from a past transaction. (c) Increases ownership interest.
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(d) Declares and pays cash dividends to owners.
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This note was uploaded on 01/11/2012 for the course ACCOUNTING 550 taught by Professor Ellen during the Spring '11 term at Keller Graduate School of Management.

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Assignment for week - CA1-1(FASB and Standard-Setting Presented below are four statements which you are to identify as true or false If false

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