ACCT 3311 Exam 1 All Wiley Questions with answers.

ACCT 3311 Exam 1 All Wiley Questions|\ |\ |\ |\ |\ |\ |\




with answers |\




What is the relationship between the Securities and
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Exchange Commission and accounting standard setting in
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the United States? - CORRECT ANSWERS ✔✔The SEC has
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a mandate to establish accounting standards for
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enterprise under its jurisdiction |\ |\ |\




The American Institute of Certified Public Accountants
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(AICPA) continues to be involved in all of the following
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except: - CORRECT ANSWERS ✔✔developing auditing
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standards for public companies |\ |\ |\




IS involved with grading the CPA exam, providing
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professional education, developing/performing work |\ |\ |\ |\



ethics


The purpose of the International Accounting Standards
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Board is to: - CORRECT ANSWERS ✔✔promote uniform
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accounting standards among countries of the world |\ |\ |\ |\ |\ |\




What would be an advantage of having all countries
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adopt and follow the same accounting standards? -
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,CORRECT ANSWERS ✔✔Comparability and lower |\ |\ |\ |\ |\



preparation costs |\




Which of these statements regarding the IFRS and GAAP
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is correct? - CORRECT ANSWERS ✔✔IFRS is considered to
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be "principles-based" and less detailed than GAAP
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All of the following are true regarding IFRS except: -
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CORRECT ANSWERS ✔✔IFRS includes standards referred
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to as International Auditing Standards (IAS)
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What group currently write the GAAp? - CORRECT
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ANSWERS ✔✔FASB |\




The purpose of financial accounting is to provide
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information primarily for which of the following groups? -
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CORRECT ANSWERS ✔✔Investors and Creditors |\ |\ |\ |\




The FASB is a - CORRECT ANSWERS ✔✔Private Sector
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Body


What is the primary protection for investors against
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fraudulent financial reporting by corporations? - CORRECT
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ANSWERS ✔✔The requirement that financial statements
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be audited.|\

, In the conceptual framework for financial reporting, what
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provides "the why"--the purpose of accounting? - |\ |\ |\ |\ |\ |\ |\



CORRECT ANSWERS ✔✔Objective of financial reporting |\ |\ |\ |\ |\




The underlying theme of the conceptual framework is -
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CORRECT ANSWERS ✔✔decision usefulness |\ |\ |\




The objective of general-purpose financial reporting is to
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provide financial information about a reporting entity to
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each of the following: - CORRECT ANSWERS ✔✔potential
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equity investors |\ |\




potential lenders and |\ |\ |\




present investors |\




If the LIFO inventory method was used last period, it
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should be used for the current and following periods
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because of - CORRECT ANSWERS ✔✔consistency |\ |\ |\ |\ |\




Which of the following is a characteristic describing the
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fundamental quality of relevance? - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\



✔✔predictive value |\




What is meant by comparability when discussing financial
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accounting information? - CORRECT ANSWERS
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