Friday, March 8, 2019
Financial Accounting Standards Board Essay
Charging hit equipment that cost less than $20 would be an example of the practical application of a. discharge fretting b. cost c. matching d. corporality e. fruition autonomic nervous systemD 2. The going concern trust a. is applicable to all fiscal statements b. principally involves finishic income measurement c. allows for the statements to be prep atomic number 18d under generally accredited accounting patterns d. requires that accounting procedures be the same from period to period e. no(prenominal) of the answers are pass upUnderstating assets and grosss is justified based on a. realization guess b. matching c. consistency d. realization e. none of the answers are ripe autonomic nervous systemE 4. The boldness that enables us to prepare periodic statements surrounded by the judgment of conviction that a business commences operations and the prison term it goes out of business is a. time period b. business entity c. historical cost d. transaction e. none of the answers are correct ANSA 5. Valuing assets at their liquidation values is non consistent with a. conservatism b. materiality c. going concern d. time period . none of the answers are correct ANSC 6. The business beingness separate and distinct from the owners is an integral part of the a. time period assumption b. going concern assumption c. business entity assumption d. realization assumption e. none of the answers are correct ANSC 7.The principle that assumes the lecturer of the financial statements is not interested in the liquidation values is a. conservatism b. matching c. time period d. realization e. none of the answers are correct ANSE 8. An accounting period that ends when operations are at a low ebb is a. a calendar socio-economic class b. a fiscal year c. the natural business year d. an operating year e. none of the answers are correct ANSC 9. The accounting principle that assumes that inflation allow for not take place or will be immaterial is a. monetary unit b. historical cost c. realization d. going concern e. none of the answers are correct ANSA 10. Valuing inventory at the lower of cost or market is an application of the a. time period assumption b. realization principle c. going concern principle d. conservatism principle e. none of the answers are correct ANSD 11.The realization principle leads accountants to usually recognize revenue at a. the end of work b. during production c. the receipt of cash d. the point of trade e. none of the answers are correct ANSD 12. The comment that items that are not material may be recorded in the financial statements in the most economical and expedient manner possible is deputy of a. matching b. conservatism c. realization d. materiality e. none of the answers are correct ANSD 13. The assumption that deals with when to recognize the costs that are associated with the revenue that is being recognized is a. matching b. going concern c. consistency d. materiality e. none of the answers are correc t ANSA 14. The most substantive current source of generally seizeed accounting principles is the a. New York form Exchange b. news report Principles senesce c. Accounting Research Studies d. AICPA committee on Accounting purpose e. Financial Accounting Standards dialog box ANSE 15. All but one of the following statements indicates a difference between the Financial Accounting Standards Board (FASB) and prior approaches. Select the one that is not a difference. a. The FASB is independent of the AICPA. b. The size of the plug-in is much smaller. c. The FASB has broader representation. d. The FASB is the primary board for the development of generally accepted accounting principles. e. Members of the FASB serve on a full-time basis. ANSD 16. The Accounting Principles Board issued Opinions between a. 1959-1973 b. 1939-1959 c. 1973-present d. 1966-1976 e. none of the answers are correct ANSA 17. The Financial Accounting Standards Board has issued statements between a. 1960-19 73 b. 1939-1959 c. 1973-present d. 1966-1976 e. none of the answers are correct ANSC 18. Accountants face a problem of when to recognize revenue. Which of the following methods of recognizing revenue is not use in practice? a. point of sale b. point of order acceptation c. end of production d. receipt of cash e. revenue recognized during production ANSB 19.The organization that has by federal law the tariff to adopt auditing standards is the a. New York Stock Exchange b. Public Company Accounting Oversight Board c. Accounting Principles Board d. Financial Accounting Standards Board . AICPA Committee on Accounting Procedure ANSB 20. By law, the setting of accounting standards is the responsibility of the a. AICPA Committee on Accounting Procedure b. New York Stock Exchange c. Accounting Principles Board d. Securities and Exchange missionary work e. Financial Accounting Standards Board ANSD 21. The assumption that allows accountants to accept some inaccuracy, because of incomplete information about the future, in exchange for much timely reporting is a. conservatism b. time period c. business entity d. materiality e. realization ANSB 22.