FAC1601 Exam Questions and Answers
Verified Solutions Latest Update
Question:
What are the four major elements of financial accounting?.
Answer:
Economic entities User groups Environment Financial information
Question:
What are the four basic financial statements?.
Answer:
1. Balance Sheet
Question:
Income Statement
Question:
Statement of Stockholder's Equity
Question:
Statement of Cash Flows
Question:
general-purpose financial statements.
Answer:
provide financial reporting information to a wide variety of users
Question:
Financial Accounting Standards Board (FASB).
Answer:
the primary accounting standard-setting body in the US
, Question:
What is the 7 step process to issue a final standard?.
Answer:
1. Identify the issue
Question:
Decision to pursue issue
Question:
Public meeting
Question:
Exposure draft 5 public round tables
Question:
Re-deliberation
Question:
Public of the final standard
Question:
When did the financial reporting standards setting begin in the United States?.
Answer:
1934 with the 1934 Securities exchange act
Question:
Who had the initial authority to set accounting standards?.
Answer:
The SEC initially had the power to communicate accounting standards that all
publicly-traded firms must follow. However, this power was delegated to the private
sector
Verified Solutions Latest Update
Question:
What are the four major elements of financial accounting?.
Answer:
Economic entities User groups Environment Financial information
Question:
What are the four basic financial statements?.
Answer:
1. Balance Sheet
Question:
Income Statement
Question:
Statement of Stockholder's Equity
Question:
Statement of Cash Flows
Question:
general-purpose financial statements.
Answer:
provide financial reporting information to a wide variety of users
Question:
Financial Accounting Standards Board (FASB).
Answer:
the primary accounting standard-setting body in the US
, Question:
What is the 7 step process to issue a final standard?.
Answer:
1. Identify the issue
Question:
Decision to pursue issue
Question:
Public meeting
Question:
Exposure draft 5 public round tables
Question:
Re-deliberation
Question:
Public of the final standard
Question:
When did the financial reporting standards setting begin in the United States?.
Answer:
1934 with the 1934 Securities exchange act
Question:
Who had the initial authority to set accounting standards?.
Answer:
The SEC initially had the power to communicate accounting standards that all
publicly-traded firms must follow. However, this power was delegated to the private
sector
