Intermediate Accounting Final Exam Questions and answers with Complete Solutions

Intermediate Accounting Final Exam Questions and answers with Complete Solutions Which need is the primary influence on the demand for financial information? - The need for user groups to make decisions regarding resource allocation Which organization is responsible for the oversight, financing, and administration of all accounting standard setting organizations in the US? - Financial Accounting Foundation (FAF) Three organizations that set financial accounting standards for US companies? - Committee on Accounting Procedures (CAP), Accounting Principles Board (APB), and Financial Accounting Standards Board (FASB) Statement that correctly identifies accounting standard setters. - The FASB promulgates accounting standards in the US and the IASB issues international accounting standards. Which type of standard relies on theories and concepts that are linked to a well-developed theoretical framework? - Principles-based standard Which of the following is a characteristic of rule-based standards? - Result in inconsistencies between standards