INTERMEDIATE ACCOUNTING ONE
QUIZES SNHU
The primary function of financial accounting is to provide relevant financial information to parties
external to business enterprises. - Answer-True
Under federal securities laws, the SEC has the authority to set accounting standards in the United States.
- Answer-True
The FASB issues accounting standards in the form of: - Answer-Accounting Research Bulletins.
(Accounting Standards Updates)
Financial Accounting Standards.
Financial Technical Bulletins.
The FASB's standard-setting process includes, in the correct order: - Answer-Exposure draft, research,
discussion paper, Accounting Standards Update.
Research, exposure draft, discussion paper, Accounting Standards Update.
(Research, discussion paper, exposure draft, Accounting Standards Update.)
Discussion paper, research, exposure draft, Accounting Standards Update.
When a registrant company submits its annual filing to the SEC, it uses: - Answer-Form 10-A.
(Form 10-K.)
Form 10-Q.
Form S-1.
, Phase A of the new conceptual framework focuses on: - Answer-(Objective and qualitative
characteristics.)
Presentation and disclosure.
Recognition and measurement.
Elements of financial statements.
Enhancing qualitative characteristics of accounting information include each of the following except: -
Answer-Timeliness.
(Materiality)
Comparability.
Verifiability.
Gains are: - Answer-Inflows from selling a product or service to a customer.
Increases in equity resulting from transfers of assets to the company from owners.
(Increases in equity from peripheral transactions of an entity.)
None of the above is correct.
An important argument in support of historical cost information is: - Answer-Relevance.
Predictive quality for future cash flows.
Materiality.
(Verifiability.)
Owners' equity can be expressed as assets minus liabilities. - Answer-True
The adjusted trial balance contains only permanent accounts. - Answer-False
QUIZES SNHU
The primary function of financial accounting is to provide relevant financial information to parties
external to business enterprises. - Answer-True
Under federal securities laws, the SEC has the authority to set accounting standards in the United States.
- Answer-True
The FASB issues accounting standards in the form of: - Answer-Accounting Research Bulletins.
(Accounting Standards Updates)
Financial Accounting Standards.
Financial Technical Bulletins.
The FASB's standard-setting process includes, in the correct order: - Answer-Exposure draft, research,
discussion paper, Accounting Standards Update.
Research, exposure draft, discussion paper, Accounting Standards Update.
(Research, discussion paper, exposure draft, Accounting Standards Update.)
Discussion paper, research, exposure draft, Accounting Standards Update.
When a registrant company submits its annual filing to the SEC, it uses: - Answer-Form 10-A.
(Form 10-K.)
Form 10-Q.
Form S-1.
, Phase A of the new conceptual framework focuses on: - Answer-(Objective and qualitative
characteristics.)
Presentation and disclosure.
Recognition and measurement.
Elements of financial statements.
Enhancing qualitative characteristics of accounting information include each of the following except: -
Answer-Timeliness.
(Materiality)
Comparability.
Verifiability.
Gains are: - Answer-Inflows from selling a product or service to a customer.
Increases in equity resulting from transfers of assets to the company from owners.
(Increases in equity from peripheral transactions of an entity.)
None of the above is correct.
An important argument in support of historical cost information is: - Answer-Relevance.
Predictive quality for future cash flows.
Materiality.
(Verifiability.)
Owners' equity can be expressed as assets minus liabilities. - Answer-True
The adjusted trial balance contains only permanent accounts. - Answer-False
