ACCT 501 FINAL EXAM QUESTIONS WITH 100%
CORRECT ANSWERS
Which standard setter issued this standard?
a. Accounting Principles Board
b. Auditing Standards Board
c. Securities and Exchange Commission
d. Financial Accounting Standards Board
e. Committee on Accounting Procedure
e
According to the Notes to this standard (select the best answer):
a. Authority of this bulleting rests upon the general acceptability of opinions so reached.
b. This standard shall only become authoritative after acceptance by the Securities and
Exchange Commission.
c. This standard, when issued, was fully authoritative and a departure from this statement
would cause an entity to not receive a clean audit option.
a
Which of the following SEC divisions is responsible for reviewing public companies' 10-K
filings?
Select one:
a. Corporation Finance
b. Enforcement
c. Trading and Markets
d. Economic and Risk Analysis
e. Examinations
f. Investment Management
a
the standard-setting bodies in chronological order:
1. Committee on Accounting Procedure
2.Accounting Principles Board
3. Financial Accounting Standards Boards
A key objective of which of the following documents is to seek public comment on a draft
FASB standard before it moves to the final standard stage?
a. A proposed Accounting Standards Update
b. The Conceptual Framework
, c. A final Accounting Standards Update
d. A Discussion Paper
a
Which of the following parties might be most likely to request that the FASB take on a
project that would result in additional financial statement disclosures?
a. Investors and analysts
b. Financial statement preparers
c. Audit firms
d. International standard setters
a
Post-implementation activities are conducted by the FASB for which of the following
reasons?
a. In order to understand challenges that constituents are facing with implementing a new
standard
b. In order to assess whether a standard's objectives were achieved
c. In order to understand the costs and benefits associated with adoption and ongoing
compliance with a standard
d. All of the answers are correct
d
As a staff auditor, will you be expected to monitor emerging accounting guidance?
a. No; monitoring emerging accounting guidance is generally an activity performed at the
manager level or above.
b. Yes; staff auditors are routinely expected to keep the client up to date on emerging
changes in accounting guidance.
c. Although it is not always expected of staff auditors, making an effort to stay current will
help a staff auditor act like a manager and will therefore increase the staff auditor's
contribution to the audit team.
d. Not necessarily; when staff auditors make an effort to stay current on emerging
guidance, they are performing a duty that could interfere with the work already being
performed by others at the manager or partner level.
c
What does each number mean:
ASC 310-10-30-1
Topic-Subtopic-Section-Paragraph
Receivables
Assets
CORRECT ANSWERS
Which standard setter issued this standard?
a. Accounting Principles Board
b. Auditing Standards Board
c. Securities and Exchange Commission
d. Financial Accounting Standards Board
e. Committee on Accounting Procedure
e
According to the Notes to this standard (select the best answer):
a. Authority of this bulleting rests upon the general acceptability of opinions so reached.
b. This standard shall only become authoritative after acceptance by the Securities and
Exchange Commission.
c. This standard, when issued, was fully authoritative and a departure from this statement
would cause an entity to not receive a clean audit option.
a
Which of the following SEC divisions is responsible for reviewing public companies' 10-K
filings?
Select one:
a. Corporation Finance
b. Enforcement
c. Trading and Markets
d. Economic and Risk Analysis
e. Examinations
f. Investment Management
a
the standard-setting bodies in chronological order:
1. Committee on Accounting Procedure
2.Accounting Principles Board
3. Financial Accounting Standards Boards
A key objective of which of the following documents is to seek public comment on a draft
FASB standard before it moves to the final standard stage?
a. A proposed Accounting Standards Update
b. The Conceptual Framework
, c. A final Accounting Standards Update
d. A Discussion Paper
a
Which of the following parties might be most likely to request that the FASB take on a
project that would result in additional financial statement disclosures?
a. Investors and analysts
b. Financial statement preparers
c. Audit firms
d. International standard setters
a
Post-implementation activities are conducted by the FASB for which of the following
reasons?
a. In order to understand challenges that constituents are facing with implementing a new
standard
b. In order to assess whether a standard's objectives were achieved
c. In order to understand the costs and benefits associated with adoption and ongoing
compliance with a standard
d. All of the answers are correct
d
As a staff auditor, will you be expected to monitor emerging accounting guidance?
a. No; monitoring emerging accounting guidance is generally an activity performed at the
manager level or above.
b. Yes; staff auditors are routinely expected to keep the client up to date on emerging
changes in accounting guidance.
c. Although it is not always expected of staff auditors, making an effort to stay current will
help a staff auditor act like a manager and will therefore increase the staff auditor's
contribution to the audit team.
d. Not necessarily; when staff auditors make an effort to stay current on emerging
guidance, they are performing a duty that could interfere with the work already being
performed by others at the manager or partner level.
c
What does each number mean:
ASC 310-10-30-1
Topic-Subtopic-Section-Paragraph
Receivables
Assets
