6 - Name Chapter 6--Quality of Accounting Information and...

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Unformatted text preview: Name Chapter 6--Quality of Accounting Information and Adjustments to Reported Financial Statement Data Description Instructions Modify Add Question Here Question 1 Multiple Choice 0 points Modify Remove Question Accounting information should provide a fair and complete representation about a number of a firm's characteristics, which of the following is not one of those characteristics? Answer risk position performance conservatism Add Question Here Question 2 Multiple Choice 0 points Modify Remove Question The date on which a firm commits itself to a formal plan to dispose of a segment is the Answer disposal date measurement date commitment date sale date Add Question Here Question 3 Multiple Choice 0 points Modify Remove Question Which of the following is not a characteristic of an extraordinary item? Answer Unusual in nature Infrequent in occurrence Material in amount Subject to a firm commitment Add Question Here Question 4 Multiple Choice 0 points Modify Remove Question When evaluating the quality of accounting information, an analyst should consider all of the following except: Answer reliability of the measurements made adequacy of disclosures comparability of estimates economic faithfulness of the measurements made Add Question Here Question 5 Multiple Choice 0 points Modify Remove Question Earnings that are high quality would Answer be informative about current performance and provide information about the long-run sustainability of profits. be informative about past performance and provide information about the long-run sustainability of profits. be informative about current performance and provide information about the long-run sustainability of assets. be informative about past performance and provide information about the long-run sustainability of assets and liabilities. Add Question Here Question 6 Multiple Choice 0 points Modify Remove Question Firm's choices and estimates within GAAP should be determined by Answer how the industry operates. the firm's underlying economic circumstances. SEC interpretations regarding specific choices. the firm's auditor. Add Question Here Question 7 Multiple Choice 0 points Modify Remove Question Gains and losses that appear in Other Comprehensive Income are the result of value changes Answer only in non-current assets and liabilities. in stockholders' equity. driven by difficult measurement issues. that have not been realized in a market transaction. Add Question Here Question 8 Multiple Choice 0 points Modify Remove Question One definition of earnings management is that it occurs when managers use Answer judgment in financial reporting to alter financial reports to mislead stakeholder. an accounting method that is inconsistent with other industry members....
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This note was uploaded on 03/06/2012 for the course ACCT 6344 taught by Professor Mark during the Fall '11 term at University of Texas at Austin.

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6 - Name Chapter 6--Quality of Accounting Information and...

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