CHAPTER 1 AND 2 QUIZ - WILEY PLUS
QUESTIONS AND ANSWERS
GUARANTEED SUCCESS!!!
Which of the following generally provides a better indiciation of an enterprises and
continuing ability to generate favorable cash flows? - ANSWER✔✔ Accrual basis
accounting
The role of the securies and exchange commission is the formulation of
accoujnting standards can be best described as - ANSWER✔✔ varied-the SEC
relies on FASB to develop standards but gives advice and recommendations to the
private sector as needed .
The first step taken in the establishment of a typical FASB statement is: -
ANSWER✔✔ topics are identified and placed on the boards agenda
Which of the following publications is not considered a GAAP document?
APB Opinions
AICPA Research Bulletins
FASB Standards
Statements of Financial Accounting Concept - ANSWER✔✔ Statements of
Financial Accounting Concepts
Polities plays no role in establishing GAAP:
, True or False - ANSWER✔✔ False
From the four statements that follow, which are true?1. Technical competence is
not enough when encountering ethical decisions.
2. The pressures "to bend the rules," "to play the game," "to just ignore it" can be
considerable.
3. Time, job, client, personal, and peer pressures do not complicate the process of
ethical sensitivity and selection among alternatives.
4. The decision may be easier because there is no comprehensive ethical system to
provide guidelines.
2 and 4 are true.
1, 2, and 4 are true.
1 and 2 are true.
1, 2, 3, and 4 are all true. - ANSWER✔✔ 1 and 2 are true
IFRS is more ______ principal based and not "rules based," in its approach to
standards than is U.S. GAAP - ANSWER✔✔ principle based
IFRS is more rules based in approach to standards than U.S. GAAP
True or False - ANSWER✔✔ False
An effective capital allocation process:
QUESTIONS AND ANSWERS
GUARANTEED SUCCESS!!!
Which of the following generally provides a better indiciation of an enterprises and
continuing ability to generate favorable cash flows? - ANSWER✔✔ Accrual basis
accounting
The role of the securies and exchange commission is the formulation of
accoujnting standards can be best described as - ANSWER✔✔ varied-the SEC
relies on FASB to develop standards but gives advice and recommendations to the
private sector as needed .
The first step taken in the establishment of a typical FASB statement is: -
ANSWER✔✔ topics are identified and placed on the boards agenda
Which of the following publications is not considered a GAAP document?
APB Opinions
AICPA Research Bulletins
FASB Standards
Statements of Financial Accounting Concept - ANSWER✔✔ Statements of
Financial Accounting Concepts
Polities plays no role in establishing GAAP:
, True or False - ANSWER✔✔ False
From the four statements that follow, which are true?1. Technical competence is
not enough when encountering ethical decisions.
2. The pressures "to bend the rules," "to play the game," "to just ignore it" can be
considerable.
3. Time, job, client, personal, and peer pressures do not complicate the process of
ethical sensitivity and selection among alternatives.
4. The decision may be easier because there is no comprehensive ethical system to
provide guidelines.
2 and 4 are true.
1, 2, and 4 are true.
1 and 2 are true.
1, 2, 3, and 4 are all true. - ANSWER✔✔ 1 and 2 are true
IFRS is more ______ principal based and not "rules based," in its approach to
standards than is U.S. GAAP - ANSWER✔✔ principle based
IFRS is more rules based in approach to standards than U.S. GAAP
True or False - ANSWER✔✔ False
An effective capital allocation process:
