Intermediate Accounting Exam 1 Chapters 1- 3 Questions with Verified Solutions

Intermediate Accounting Exam 1 Chapters 1- 3 Questions with Verified Solutions The accounting standards power was first given to.... a. Accounting Principles Board b. Financial Accounting Standards Board c. The Committee on Accounting Procedure d. FASB Accounting Standards Codification - answerc The FASB Accounting Standards Codification - July 2009, is: a. the international accounting standard setter, establishing IFRS which are required in roughly 130 countries b. an electronic database that integrates and topically organizes US GAAP into one coherent body of literature. c. what first replaced APB, with seven members d. what issued 51 Accounting Research Bulletins - answerb What encompasses Stockholders' Equity? - answercontributed capital, retained earnings How could stockholder's equity change with no new issue of capital? - answerpayment of dividends, net income gain or loss How could retained earnings change with no new issue of capital? - answernet income gain or loss, payment of dividends Stockholder's equity always rises by the amount of net __________ minus the amound of __________ paid. - answerincome, dividends Contributed capital is also known as: - answerpaid in capital Contributed capital increases with: a. Receiving cash for stock