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Review questions

Chapter 1-

QuestionAnswer
Capital allocation is the process of determining how and at what cost money is allocated among competing interests. True
The statement of retained earnings is one of the financial statements most frequently provided by public companies. False
Which of the following generally provides a better indication of an enterprise’s present and continuing ability to generate favorable cash flows? Accrual basis accounting.
Financial information that is better provided, or can only be provided, by means of financial reporting other than formal financial statements include all of the following EXCEPT: Cash Flow Information
An effective capital allocation process promotes productivity. Provides efficient Market for Buying and Selling securities. Encourages innovation.
All the following are differences between financial and managerial accounting in how accounting information is used except to Plan & Control company's operations, decide whether to invest in co. Evaluate borrowing capacity for loan.
The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organization’s operations is called Managerial accounting
A common set of accounting standards and procedures are called generally accepted accounting principles.
Which of the following is a general limitation of "general purpose financial statements"? General purpose financial statements may not be the most informative for a specific enterprise.
The role of the Securities and Exchange Commission in the formulation of accounting principles can be best described as Sometimes primary and sometime secondary
Which of the following was established by the federal government to help develop and standardize financial information presented to stockholders? SEC
The first step taken in the establishment of a typical FASB statement is Topics are identified and placed on boards agenda
Three organizations are instrumental in the development of financial accounting standards (GAAP) in the United States: 1. SEC 2. AICPA 3 FASB
International Organization of Securities Commission est 1987 consists of more than 100 securities regulatory agencies SEC is a member
International Prospective US allows professionals to make the rules. Some other countries the government runs the accounting system
Difference between FASB and APB Smaller membership, Full-time membership, greater autonomy, Increased independence, Broader representation (don't have to be CPA)
Steps to develop a FASB pronouncement Topics identified & placed on Boards agenda, Research & analysis conducted, Public hearing, Exposure draft. Board reviews and approves
Financial Accounting Concepts are a major type of pronouncement issued by the FASB. True
Which of the following publications is not considered a GAAP document? Accounting research studies issued by AICPA
Generally accepted accounting principles include detailed practices and procedures as well as broad guidelines of general application. are influenced by pronouncements of the SEC and IRS. change over time as the nature of the business environment
Which group selects members of the FASB? FAF
The organization whose purpose is to reach consensus on how to account for new and unusual financial transactions that have potential for creating differing financial reporting practices is the: EITF
Rule 203 of the Code of Professional Conduct addresses: financial statements being based on generally accepted accounting principles
What is the purpose of a FASB Staff Position? provide interpretive guidance.
Which of the following best describes the idea that the FASB operates in full view of the public and gives interested parties ample opportunity to make their views known? Due process
The __________ requires that members prepare financial statements in accordance with GAAP. AICPA’s Code of Professional Conduct..
The failure of financial reports to provide information on customer satisfaction indexes, reject rates, and company sustainability efforts describes the financial reporting challenge of Nonfinancial measurements
Created by: smcdo11
 

 



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