Saylor BUS103 Exam Questions and
Answers with Verified Solutions | Latest
Updated 2026
The American Institute of Certified c. all of these answers
Public Accountants provides:
Select one:
a. ethical standards for the
profession
b. the grading and development of
the Uniform CPA Examination
c. all of these answers
d. auditing standards for the audits
of
private companies and non-profit
organizations
What is the filing deadline for a c. 90 days after the end of the company's
Form fiscal
10-K for non-accelerated filers? year
Select one:
a. 60 days after the end of the
company's fiscal year
b. 30 days after the end of the
company's fiscal year
c. 90 days after the end of the
company's fiscal year
d. 75 days after the end of the
company's fiscal year
,In a principle based framework the d. extensive disclosures in the financial
different interpretations of a similar statements
transaction could result in:
Select one:
a. multiple financial statements
b. a financial statement audit
c. more exceptions than a rules-
based system
d. extensive disclosures in the
financial statements
When a business repeats the d. consistent
methods used previously to collect
the data and transform it into
accounting information, this
information can be identified as:
Select one:
a. relevant
b. reliable
c. redundant
d. consistent
Which organization is responsible a. The GAAP group
for
developing generally accepted
accounting principles?
Select one:
a. The GAAP group
b. The American Institute of
Certified
Public Accountants
c. The Financial Accounting
Standards Board
d. The Securities and exchange
Commission
,Which of these is NOT an event d. a change in management style
that
requires disclosure?
Select one:
a. a subsequent event
b. a prior period adjustment
c. a change in accounting
principles
d. a change in management style
Which one of these is NOT a basic d. to provide a comprehensive account of
objective of financial reporting? all
Select one: company activity
a. to provide information that helps
investors/creditors make lending
decisions about the company
b. to provide information to
investors
regarding a company's
liquidity/solvency
c. to provide information that helps
the company make long-term
decisions
d. to provide a comprehensive
account of all company activity
, Brian started a business and a. Going concern assumption
decided
to incorporate it. He believed he
had
an outstanding business idea and
wanted to share it with the world.
Brian turned out to be right; his
idea
made him a wealthy man. Brian
established this corporation and
conducted business not as a small
business owner but as the leader
of a
business he felt could continue
operating indefinitely. Which
accounting principle or objective
best reflects this situation?
Select one:
a. Going concern assumption
b. Cost principle
c. Economic entity assumption
d. Matching principle
Answers with Verified Solutions | Latest
Updated 2026
The American Institute of Certified c. all of these answers
Public Accountants provides:
Select one:
a. ethical standards for the
profession
b. the grading and development of
the Uniform CPA Examination
c. all of these answers
d. auditing standards for the audits
of
private companies and non-profit
organizations
What is the filing deadline for a c. 90 days after the end of the company's
Form fiscal
10-K for non-accelerated filers? year
Select one:
a. 60 days after the end of the
company's fiscal year
b. 30 days after the end of the
company's fiscal year
c. 90 days after the end of the
company's fiscal year
d. 75 days after the end of the
company's fiscal year
,In a principle based framework the d. extensive disclosures in the financial
different interpretations of a similar statements
transaction could result in:
Select one:
a. multiple financial statements
b. a financial statement audit
c. more exceptions than a rules-
based system
d. extensive disclosures in the
financial statements
When a business repeats the d. consistent
methods used previously to collect
the data and transform it into
accounting information, this
information can be identified as:
Select one:
a. relevant
b. reliable
c. redundant
d. consistent
Which organization is responsible a. The GAAP group
for
developing generally accepted
accounting principles?
Select one:
a. The GAAP group
b. The American Institute of
Certified
Public Accountants
c. The Financial Accounting
Standards Board
d. The Securities and exchange
Commission
,Which of these is NOT an event d. a change in management style
that
requires disclosure?
Select one:
a. a subsequent event
b. a prior period adjustment
c. a change in accounting
principles
d. a change in management style
Which one of these is NOT a basic d. to provide a comprehensive account of
objective of financial reporting? all
Select one: company activity
a. to provide information that helps
investors/creditors make lending
decisions about the company
b. to provide information to
investors
regarding a company's
liquidity/solvency
c. to provide information that helps
the company make long-term
decisions
d. to provide a comprehensive
account of all company activity
, Brian started a business and a. Going concern assumption
decided
to incorporate it. He believed he
had
an outstanding business idea and
wanted to share it with the world.
Brian turned out to be right; his
idea
made him a wealthy man. Brian
established this corporation and
conducted business not as a small
business owner but as the leader
of a
business he felt could continue
operating indefinitely. Which
accounting principle or objective
best reflects this situation?
Select one:
a. Going concern assumption
b. Cost principle
c. Economic entity assumption
d. Matching principle
