1|Page
ACCT 330 Intermediate Accounting I Exam 1 Study
Set||Verified Exam!!||, University of Kansas School of
Business, 2026/2027 -Questions GAAP & FASB
Codification Examination with Verified
Solutions||Newest Exam!!!
Which of the following is typically true about accounting
information published AFTER the end of the accounting
period? In answering this question, assume that the
company has a traditional audit performed between the
end of the period and the publication date.
A.) as more time passes, the information becomes more
comparable
B.) as more time passes, the information becomes more
useful
C.) as more time passes, the information becomes more
relevant
D.) as more time passes, the information becomes more
reliable - Answer-D.) as more time passes, the information
becomes more reliable
FASB and IASB are currently working together to do which
of the following?
A.) Converge US GAAP and IFRS
,2|Page
B.) Convert US GAAP to IFRS
C.) Convert US auditing standards to international auditing
standards
D.) There is not sufficient information provided to answer
this question - Answer-A.) Converge US GAAP and IFRS
Which of the following is commonly considered to be the
more important number in accounting?
A.) Net Assets
B.) EPS
C.) Cash Flows from Operations
D.) Net Income - Answer-B.) EPS
Which of the following is NOT considered a weakness of
the income statement?
A.) it changes when different methods are chosen
B.) it doesn't provide cash flow information
C.) it doesn't include numbers that can't be estimated
D.) it changes based on the estimates used - Answer-B.) it
doesn't provide cash flow information
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According to US GAAP, which of the following is NOT one
of the elements that must be included on an income
statement in good form?
A.) EPS
B.) For Year Ended, December 31, 20XX
C.) As of December 31, 20XX
D.) Company Name - Answer-C.) As of December 31,
20XX
Which of the following is NOT one of FASB's three
objectives for financial accounting?
A.) provide information that helps users assess future
cash flows
B.) provide information that shows that resources of a firm
and the claims on them
C.) provide information that is useful for making decisions
D.) provide information that is understandable to rational
decision makers - Answer-D.) provide information that is
understandable to rational decision makers
Which of the following groups has legal authority to set
GAAP in the U.S.?
A.) The APB
ACCT 330 Intermediate Accounting I Exam 1 Study
Set||Verified Exam!!||, University of Kansas School of
Business, 2026/2027 -Questions GAAP & FASB
Codification Examination with Verified
Solutions||Newest Exam!!!
Which of the following is typically true about accounting
information published AFTER the end of the accounting
period? In answering this question, assume that the
company has a traditional audit performed between the
end of the period and the publication date.
A.) as more time passes, the information becomes more
comparable
B.) as more time passes, the information becomes more
useful
C.) as more time passes, the information becomes more
relevant
D.) as more time passes, the information becomes more
reliable - Answer-D.) as more time passes, the information
becomes more reliable
FASB and IASB are currently working together to do which
of the following?
A.) Converge US GAAP and IFRS
,2|Page
B.) Convert US GAAP to IFRS
C.) Convert US auditing standards to international auditing
standards
D.) There is not sufficient information provided to answer
this question - Answer-A.) Converge US GAAP and IFRS
Which of the following is commonly considered to be the
more important number in accounting?
A.) Net Assets
B.) EPS
C.) Cash Flows from Operations
D.) Net Income - Answer-B.) EPS
Which of the following is NOT considered a weakness of
the income statement?
A.) it changes when different methods are chosen
B.) it doesn't provide cash flow information
C.) it doesn't include numbers that can't be estimated
D.) it changes based on the estimates used - Answer-B.) it
doesn't provide cash flow information
, 3|Page
According to US GAAP, which of the following is NOT one
of the elements that must be included on an income
statement in good form?
A.) EPS
B.) For Year Ended, December 31, 20XX
C.) As of December 31, 20XX
D.) Company Name - Answer-C.) As of December 31,
20XX
Which of the following is NOT one of FASB's three
objectives for financial accounting?
A.) provide information that helps users assess future
cash flows
B.) provide information that shows that resources of a firm
and the claims on them
C.) provide information that is useful for making decisions
D.) provide information that is understandable to rational
decision makers - Answer-D.) provide information that is
understandable to rational decision makers
Which of the following groups has legal authority to set
GAAP in the U.S.?
A.) The APB
