ACCT 6312 Exam 1 Question Pool
I have not specifically included questions from the King book but the topics discussed in that book are the
same as many of these. In your answers, you should consider the discussions from both books.
1. List argum
Chapter 4 Wolk
1. What are the arguments favoring regulation of financial reporting?
The arguments for regulated markets can be justified on the idea that it is in the publics best
interest. Two reasons are normally used to defend such regul
King Ch. 1-4
September 8, 2016
1. Do you believe that Double-Entry bookkeeping is an essential part of accounting? Why or why
a. I do believe it is essential and the most successful as well as the most efficient of the
October 6, 2016
Chapter 5 Assignment
2. Assuming all other things equal, it is possible that the lower-of-cost-or-market method can result in
any given year in higher income that would be the case under the same inventory costing method
Alexis Morton Assignment 1
1. What does the term social reality mean and why are accounting and accounting theory
important examples of it?
o Social reality can also be explained as the social consequences that come from accounting
numbers and calculation
September 6, 2016
Q: 1, 6, 11, 13, 14 CPW: 1
1. Do you think that the work of a policy-making organization such as the FASB or the SEC is
normative (value-judgment oriented) or positive (oriented toward value-free rul
Assignment King 5-8
1. I found it interesting that on page 60, they said that in one word, the SEC is about disclosure.
The SEC is the all-supreme accounting regulator, made by Congress and endowed with the
power to regulate and cont
September 14, 2016
Assignment 3 King Ch. 9-11
1. I found interesting the problems concerned with reporting volatility. There is the tension caused
between those preparing the statements and those setting the standards for such preparation.
Assignment 4 King Ch. 12-15
1. The different ways for accounting for the options were to either expense estimated
option values over employee service periods or accounting for options in the manner offered by
Onion 25 with disclosure of pro
September 27, 2016
1. How did the APB pave the way for FASB?
The APB established due process procedures in order to establish the standards for accounting.
It was also the first to start the use of discussions, he