ACCT212 All Quizes Latest
Week 1
Question 1
(TCO 1) Accounting
measures business activities.
processes data into reports and communicates the data to decision makers.
is often called the language of business.
All of the above
Question 2
(TCO 1) The _____ is elected by the stockholders and is responsible for setting policy and
appointing officers.
board of directors
chief executive officer (CEO)
chief financial officer (CFO)
advisory council
Question 3
(TCO 1) Which of the following is a correct statement about GAAP and IFRS?
IFRS prefers valuing assets at historical cost while GAAP prefers using fair value.
IFRS is more "rules-based" than GAAP.
The FASB and the IASB are working towards convergence of standards.
The SEC will require all companies to use IFRS beginning in 2013.
Question 4
(TCO 1) Historical cost
Week 1
Question 1
(TCO 1) Accounting
measures business activities.
processes data into reports and communicates the data to decision makers.
is often called the language of business.
All of the above
Question 2
(TCO 1) The _____ is elected by the stockholders and is responsible for setting policy and
appointing officers.
board of directors
chief executive officer (CEO)
chief financial officer (CFO)
advisory council
Question 3
(TCO 1) Which of the following is a correct statement about GAAP and IFRS?
IFRS prefers valuing assets at historical cost while GAAP prefers using fair value.
IFRS is more "rules-based" than GAAP.
The FASB and the IASB are working towards convergence of standards.
The SEC will require all companies to use IFRS beginning in 2013.
Question 4
(TCO 1) Historical cost
