ACT
ACT 311 311Final
CSU CSUExam
FinalQuestions
Exam Questions with Verified
with Verified Questions with
ACT
ACT 311 CSU
311 CSU Final
Final Exam
Exam Questions
Questions with
with Verified
Verified
QuestionsCORRECT
with Answers
CORRECT (Grade A+)
Answers (Grade A+)
Questions of
Statements with CORRECT
Financial Answers
Accounting (Grade Sheet
- Balance A+)
Income Statement (with Statement of Comprehensive
Income) Questions with CORRECT Answers (Grade A+)
Question
Question1:1:
Statements of Financial Accounting
Answer:
Balance Sheet
Question 2:
Income Statement (with Statement of Comprehensive Income)
Statement of Cash Flows
Statement of Stockholders' Equity
Note Disclosures
Objectives of Accounting
Answer:
Identifies, Measures and Communicates Financial Info
Question 3:
Economics of Accounting
Answer:
Investors demanding information on transactions regarding companies risks
and opportunities. Information used to REDUCE COST OF CAPITAL.
Question 4:
Primary Objective of Accounting
Answer:
To provide investors and creditors with information that will help
them make investment and credit decisions
Question 5:
Cash Basis Accounting
,Answer:
1) Revenue is recognized when cash is received.
Question 6:
Accrual Accounting
Answer:
1) Revenue is recognized when goods or services are transferred to customers for
the amount the company expects to be entitled to receive in exchange for those goods or
services.
Question 7:
Securites and Exchange Commission
Answer:
Ultimate authority over GAAP
Question 8:
Financial Accounting Standards Board (FASB)
Answer:
Sets Current Standard and uses GAAP
Question 9:
International Accounting Standards Board (IASB)
Answer:
Uses IFRS
Question 10:
American Institute of Certified Public Accountants (AICPA)
Answer:
Creates CPA exam
Question 11:
Private Company Council (PCC)
, Answer:
Makes GAAP simpler as it is difficult to comply with GAAP.
Question 12:
SUGGESTS ALTERNATIVES TO FASB where GAAP may be overly complex
Convergence Issue(IFRS and GAAP)
Answer:
Pros: would create comparability aka decision usefulness
Question 13:
Cons
Answer:
Not currently feasible as they pursue different agendas
Question 14:
Principles Based Approach
Answer:
More based on judgement
Question 15:
Rule Based Approach
Answer:
Based on US GAAP
Question 16:
You are able to manipulate
Conceptual Framework
Answer:
The Conceptual Framework is the underlying foundation for accounting
standards. It provides structure and direction for standard setters.
Question 17:
ACT 311 311Final
CSU CSUExam
FinalQuestions
Exam Questions with Verified
with Verified Questions with
ACT
ACT 311 CSU
311 CSU Final
Final Exam
Exam Questions
Questions with
with Verified
Verified
QuestionsCORRECT
with Answers
CORRECT (Grade A+)
Answers (Grade A+)
Questions of
Statements with CORRECT
Financial Answers
Accounting (Grade Sheet
- Balance A+)
Income Statement (with Statement of Comprehensive
Income) Questions with CORRECT Answers (Grade A+)
Question
Question1:1:
Statements of Financial Accounting
Answer:
Balance Sheet
Question 2:
Income Statement (with Statement of Comprehensive Income)
Statement of Cash Flows
Statement of Stockholders' Equity
Note Disclosures
Objectives of Accounting
Answer:
Identifies, Measures and Communicates Financial Info
Question 3:
Economics of Accounting
Answer:
Investors demanding information on transactions regarding companies risks
and opportunities. Information used to REDUCE COST OF CAPITAL.
Question 4:
Primary Objective of Accounting
Answer:
To provide investors and creditors with information that will help
them make investment and credit decisions
Question 5:
Cash Basis Accounting
,Answer:
1) Revenue is recognized when cash is received.
Question 6:
Accrual Accounting
Answer:
1) Revenue is recognized when goods or services are transferred to customers for
the amount the company expects to be entitled to receive in exchange for those goods or
services.
Question 7:
Securites and Exchange Commission
Answer:
Ultimate authority over GAAP
Question 8:
Financial Accounting Standards Board (FASB)
Answer:
Sets Current Standard and uses GAAP
Question 9:
International Accounting Standards Board (IASB)
Answer:
Uses IFRS
Question 10:
American Institute of Certified Public Accountants (AICPA)
Answer:
Creates CPA exam
Question 11:
Private Company Council (PCC)
, Answer:
Makes GAAP simpler as it is difficult to comply with GAAP.
Question 12:
SUGGESTS ALTERNATIVES TO FASB where GAAP may be overly complex
Convergence Issue(IFRS and GAAP)
Answer:
Pros: would create comparability aka decision usefulness
Question 13:
Cons
Answer:
Not currently feasible as they pursue different agendas
Question 14:
Principles Based Approach
Answer:
More based on judgement
Question 15:
Rule Based Approach
Answer:
Based on US GAAP
Question 16:
You are able to manipulate
Conceptual Framework
Answer:
The Conceptual Framework is the underlying foundation for accounting
standards. It provides structure and direction for standard setters.
Question 17:
