VEE Accounting Exam Questions And Answers Verified 100%
Correct!!
1. Determine which of the following statements regard- The FASB Accounting Stan-
ing FASB accounting is FALSE dards Codification is the
basis for IFRS
2. The assumption that the activities of a company are Economic Entity Assump-
separate from its owners and other companies is tion
known as
3. Determine which of the following best describes Form It must be filed for ma-
8-K jor events, such as acqui-
sitions and matters related
to accounting and finan-
cial statements
4. Which of the following is/are attributes that will aid in None of A,B,C,D are correct
making an accounting standards board successful? (1 and 3)
The responsibilities of all parties within the board
should be clearly defined
There should be some dependencies between the
board and external
High standards of ethics and confidentiality should be
followed
5. The assumption that an entity will continue to operate Going Concern Assump-
indefinitely into the future is known as tion
6. Which of the following is NOT a qualitative characteris- 1 only
tic of info in financial statement according to the Con-
ceptual Framework for Financial Reporting (2010)?
Full Disclosure
Faithful Representation
Comparability
1/6
, VEE Accounting Exam Questions And Answers Verified 100%
Correct!!
7. Determine which of the following best describes Form It must be filed annual-
10-K ly, containing information
about a company's busi-
ness, financial disclosures,
and legal proceedings
8. Providing information regarding economic entities to Financial reporting
interested parties so that users can make economic
decisions best describes the role of:
9. Equity equals Assets - Liabilities
10. Which of the following will most likely be classified as 2 only
a current liability?
Payment received for a product due to be delivered at
least a year after the balance sheet date
Payments for a product due at least a year after the
balance sheet date but still within a normal operating
cycle of business
Payments on debt due in six months for which the
company has the right to defer settlement for at least
a year after the balance sheet date
11. Cash received from a customer for a product to be An asset and a liability
delivered in the future is recorded as
12. "Retained earnings" is a component of: Shareholder's equity
Assets
Liabilities
Shareholder's equity
13. If a company sells a building for cash, that activity Investing
would be classified as what type of activity on the cash
2/6
Correct!!
1. Determine which of the following statements regard- The FASB Accounting Stan-
ing FASB accounting is FALSE dards Codification is the
basis for IFRS
2. The assumption that the activities of a company are Economic Entity Assump-
separate from its owners and other companies is tion
known as
3. Determine which of the following best describes Form It must be filed for ma-
8-K jor events, such as acqui-
sitions and matters related
to accounting and finan-
cial statements
4. Which of the following is/are attributes that will aid in None of A,B,C,D are correct
making an accounting standards board successful? (1 and 3)
The responsibilities of all parties within the board
should be clearly defined
There should be some dependencies between the
board and external
High standards of ethics and confidentiality should be
followed
5. The assumption that an entity will continue to operate Going Concern Assump-
indefinitely into the future is known as tion
6. Which of the following is NOT a qualitative characteris- 1 only
tic of info in financial statement according to the Con-
ceptual Framework for Financial Reporting (2010)?
Full Disclosure
Faithful Representation
Comparability
1/6
, VEE Accounting Exam Questions And Answers Verified 100%
Correct!!
7. Determine which of the following best describes Form It must be filed annual-
10-K ly, containing information
about a company's busi-
ness, financial disclosures,
and legal proceedings
8. Providing information regarding economic entities to Financial reporting
interested parties so that users can make economic
decisions best describes the role of:
9. Equity equals Assets - Liabilities
10. Which of the following will most likely be classified as 2 only
a current liability?
Payment received for a product due to be delivered at
least a year after the balance sheet date
Payments for a product due at least a year after the
balance sheet date but still within a normal operating
cycle of business
Payments on debt due in six months for which the
company has the right to defer settlement for at least
a year after the balance sheet date
11. Cash received from a customer for a product to be An asset and a liability
delivered in the future is recorded as
12. "Retained earnings" is a component of: Shareholder's equity
Assets
Liabilities
Shareholder's equity
13. If a company sells a building for cash, that activity Investing
would be classified as what type of activity on the cash
2/6
