ACC 311 EXAM QUESTIONS WITH 100%
CORRECT ANSWERS | LATEST
VERSION 2025/2026.
Financial accounting
are the principal means through which a company communicated its financial information to
those outside it - ANS Financial statements
users of financial report of a company use the information provided by these reports to make
their capital allocation decisions - ANS Financial accounting
An effective process of capital allocation promotes productivity and provides an efficient
market for buying and selling securities and obtaining and granting credit. - ANS Capital
allocation process
? - ANS Objective of financial reporting
Investors are interested in financial reporting because it provides information that is useful for
making decisions. - ANS Decision-Usefulness approach
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Users of financial accounting statements have both coinciding and conflicting needs for
information of various types. - ANS Users of financial statements
? - ANS Committee on Accounting Procedure
? - ANS New FASBE Statements
Statements of Financial Accounting Concepts set forth fundamental objectives and concepts
that are used by the FASB in developing future standards of financial accounting and reporting.
- ANS Statements of Financial Accounting Concepts
The AICPA created the Accounting Principles Board in 1959. - ANS Creation of APB
(Accounting Principles Board)
? - ANS FASB Codification
The AICPA's Code of Professional Conduct requires that members prepare financial statements
in accordance with generally accepted accounting principles. - ANS Code of Professional
Conduct
? - ANS GAAP and political action
The Public Company Accounting Oversight Board has oversight and enforcement authority and
establishes auditing and independence standards and rules. - ANS (PCAOB) Public Company
Accounting Oversight Board
The expectations gap is due to the difference between what the public thinks accountants
should do and what accountants think they can do. - ANS Expectations gap
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
CORRECT ANSWERS | LATEST
VERSION 2025/2026.
Financial accounting
are the principal means through which a company communicated its financial information to
those outside it - ANS Financial statements
users of financial report of a company use the information provided by these reports to make
their capital allocation decisions - ANS Financial accounting
An effective process of capital allocation promotes productivity and provides an efficient
market for buying and selling securities and obtaining and granting credit. - ANS Capital
allocation process
? - ANS Objective of financial reporting
Investors are interested in financial reporting because it provides information that is useful for
making decisions. - ANS Decision-Usefulness approach
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Users of financial accounting statements have both coinciding and conflicting needs for
information of various types. - ANS Users of financial statements
? - ANS Committee on Accounting Procedure
? - ANS New FASBE Statements
Statements of Financial Accounting Concepts set forth fundamental objectives and concepts
that are used by the FASB in developing future standards of financial accounting and reporting.
- ANS Statements of Financial Accounting Concepts
The AICPA created the Accounting Principles Board in 1959. - ANS Creation of APB
(Accounting Principles Board)
? - ANS FASB Codification
The AICPA's Code of Professional Conduct requires that members prepare financial statements
in accordance with generally accepted accounting principles. - ANS Code of Professional
Conduct
? - ANS GAAP and political action
The Public Company Accounting Oversight Board has oversight and enforcement authority and
establishes auditing and independence standards and rules. - ANS (PCAOB) Public Company
Accounting Oversight Board
The expectations gap is due to the difference between what the public thinks accountants
should do and what accountants think they can do. - ANS Expectations gap
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
