MBA 700 Exam 1 questions n answers rated A+

MBA 700 Exam 1 questions n answers
rated A+

Financial Accounting Standards Board (FASB) - ANS ✔✔Within the United States, the dominant
body in the primary development of accounting principles is the



IASB - ANS ✔✔Which of the following organizations has not been instrumental in the
development of financial accounting standards in the United States?



Objective of financial reporting - ANS ✔✔Provide information about the reporting entity that is
useful to present and potential equity investors, lenders, and other creditors



employees - ANS ✔✔Primary users for general-purpose financial statements include each of the
following except



materiality - ANS ✔✔Which one of the following is not a fundamental qualitative characteristic



economic entity assumption - ANS ✔✔Which of the four GAAP assumptions does the following
situation speak to? Forray Inc. does not record CEO's Ferrari on its balance sheet



accounting equation - ANS ✔✔A = L + OE



asset - ANS ✔✔an economic resource of an entity is an



I, SES, B - ANS ✔✔Four financial statements are usually prepared for a business. The statement
of cash flows is usually prepared last. The stockholders equity statement (SES), the balance