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In 1934, The United States Congress established which one of the following organizations to regulate corporate financial reporting?




QUESTION 1 of 20;Financial Statements follow;A. rigid guidelines that require specific adherence to regulated procedures.;B. generally accepted guidelines that allow management to choose among different procedures.;C. general guidelines with little choice among different procedures.;D. legal requirements for uniform presentation and disclosure.;QUESTION 2 of 20;In 1934, The United States Congress established which one of the following organizations to regulate corporate financial reporting?;A. Securities Exchange Commission;B. Financial Accounting Standards Board;C. National Association of Securities Dealers;D. New York Stock Exchange;QUESTION 3 of 20;Published reports of public companies include a discussion of the financial condition, results of operations, and future plans for the company known as the;A. President?s message;B. Board of Director?s analysis;C. management discussion and analysis;D. management representation letter.;QUESTION 4 of 20;The overriding role of GAAP is to assure that financial statements;A. are accurate and free from fraud.;B. represent faithfully and clearly the economic condition and performance of the company.;C. do not contain any representation that could jeopardize the accountant.;D. provide stockholders all of the information they need to assess management?s performance.;QUESTION 5 of 20;Financial information that is verifiable, faithfully represented, and reasonably free of error and bias is;A. consistent.;B. comparable.;C. relevant.;D. reliable.;QUESTION 6 of 20;Using the same accounting methods to record and report similar events from period to period demonstrates;A. consistency;B. comparability;C. neutrality;D. faithful representation;QUESTION 7 of 20;The Financial Accounting Standards Board has responsibility for the establishment of accounting standards for;A. North America.;B. the United States.;C. the United States and Europe;D. the world.;QUESTION 8 of 20;The due process procedures of the FASB occur according to which one of the following series of orderly steps?;A. Discussion memorandum, exposure draft, voting;B. Public hearing, discussion memorandum, voting;C. Discussion memorandum, public hearing, voting;D. Exposure draft, discussion memorandum, voting;QUESTION 9 of 20;To measure earnings under accrual accounting, revenues are recognized when they are;A. received.;B. received and earned.;C. earned and become measurable.;D. received and become measurable.;QUESTION 10 of 20;The matching principle requires that expenses be recognized.;A. in the same period as the costs expire or assets are used;B. in the same period in which the revenues are recognized that the expenses help to produce.;C. when the costs are paid by the entity.;D. in the same period that the revenue is received that the expenses help to produce.;QUESTION 11 of 20;Revenue is most frequently recognized at the;A. signing of a contract;B. completion of production;C. delivery of goods or services;D. collection of sales proceeds;QUESTION 12 of 20;Which one of the following costs would be a product cost?;A. Transportation costs to acquire inventory;B. Advertising;C. Sales Commissions;D. Depreciation of an office computer;QUESTION 13 of 20;The best measure of a firm?s sustainable income is;A. comprehensive income;B. income from continuing operations;C. income before extraordinary items.;D. net income;QUESTION 14 of 20;To be reported as an extraordinary item on the income statement, an event must be;A. unusual in nature.;B. an infrequent occurrence.;C. both unusual in nature and an infrequent occurrence.;D. either unusual in nature or an infrequent occurrence.;QUESTION 15 of 20;The Williams Company decided in the current year to change their method of depreciation for certain types of equipment that were experiencing rapid technological changes. The Accumulated Depreciation account was $450,000 at the beginning of the current year. Depreciation in prior years would have been $800,000 under the new method. Williams Company experiences a 40% tax burden. Which one of the following entries would the company make to record this change?;A. Debit Retained Earnings $350,000;Credit Accumulated Depreciation $350,000;B. Debit Retained Earnings $210,000;Debit Deferred Income Tax Payable $140,000;Credit Accumulated Depreciation $350,000;C. Debit Cumulative Effect of Change in Accounting;Principle, net of tax effect $350,000;Credit Accumulated Depreciation $350,000


Paper#75881 | Written in 18-Jul-2015

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