Intermediate Accounting Exam 1 Chapters 1-3 with complete solutions

Intermediate Accounting Exam 1 Chapters 1-3The 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 - correct answer c 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 - correct answer b What encompasses Stockholders' Equity? - correct answer contributed capital, retained earnings How could stockholder's equity change with no new issue of capital? - correct answer payment of dividends, net income gain or loss How could retained earnings change with no new issue of capital? - correct answer net income gain or loss, payment of dividends Stockholder's equity always rises by the amount of net __________ minus the amound of __________ paid. - correct answer income, dividends