ACC 311 - Final Exam Solved Correctly To Score A+
1. In addition to research and support of its
B. Various task force
staff, the FASB relies on the expertise of
groups
A. a committee of the SEC
B. Various task force groups
C. accounting experts from other countries
D. the Accounting Board of Governors
2. What accounting concept justifies the usage of depre- D. Going Conce
as-
ciation and amortization policies standards
A. Full Disclosure principle C. deter
B. Monetary Unit Assumption mine the
C. Fair Value Principle need for
D. Going Concern assumption FASB
involvem
3. Financial information demonstrates the usage ent in an
of de- preciation and amortization policies emergin
A.a company fails to adjust its financial g issue
statements for changes in the value of the
measuring unit
B. firms in the same industry use different
accounting methods to account for the same
type of transaction
C. a company changes its estimate of the
salvage val- ue of a fixed asset
D. none of these answer choices are correct
4. The purpose of Statements of Finacial
Accounting Concepts is to
A. establish GAAP
B. provide a conceptual framework for the
develop- ment of financial accounting
, ACC 311 - Final Exam Solved Correctly To Score A+
sumption
None of these answers are correct
Provide a conceptual framework for the devel- opment of financial ac- counting
standards
, ACC 311 - Final Exam Solved Correctly To Score A+
D.modify or extend an existing FASB
Accounting Stan- dards Update
5. The financial Accounting Standards Board enables interested
employs a "due process" system which parties to express their
views on
A. requires that all accountants must receive a copy of issues under
considera-
financial standards tion
B. enables interested parties to express their
views on issues under consideration
C. identifies the accounting issues that are the
most important
D.is an efficient system for collecting dues from
mem- bers
6. The body that has the power to prescribe the
account- SEC ing practices and standards to be
employed by com- panies that fall under its
jurisdiction is the
A. AICPA
B. SEC
C. APB
D. FASB
7. Neutrality is an ingredient of which fundamental qual- Faithful
representation
ity of information
A. Comparability
B. Relevance
C. Understandability
D. Faithful Representation
, ACC 311 - Final Exam Solved Correctly To Score A+
8. Which if the following is a component of the Recognition occurs
revenue recognition principle when the
A. Production is complete and there is an performance obliga-
active mar- ket for the product tion is satisfied
1. In addition to research and support of its
B. Various task force
staff, the FASB relies on the expertise of
groups
A. a committee of the SEC
B. Various task force groups
C. accounting experts from other countries
D. the Accounting Board of Governors
2. What accounting concept justifies the usage of depre- D. Going Conce
as-
ciation and amortization policies standards
A. Full Disclosure principle C. deter
B. Monetary Unit Assumption mine the
C. Fair Value Principle need for
D. Going Concern assumption FASB
involvem
3. Financial information demonstrates the usage ent in an
of de- preciation and amortization policies emergin
A.a company fails to adjust its financial g issue
statements for changes in the value of the
measuring unit
B. firms in the same industry use different
accounting methods to account for the same
type of transaction
C. a company changes its estimate of the
salvage val- ue of a fixed asset
D. none of these answer choices are correct
4. The purpose of Statements of Finacial
Accounting Concepts is to
A. establish GAAP
B. provide a conceptual framework for the
develop- ment of financial accounting
, ACC 311 - Final Exam Solved Correctly To Score A+
sumption
None of these answers are correct
Provide a conceptual framework for the devel- opment of financial ac- counting
standards
, ACC 311 - Final Exam Solved Correctly To Score A+
D.modify or extend an existing FASB
Accounting Stan- dards Update
5. The financial Accounting Standards Board enables interested
employs a "due process" system which parties to express their
views on
A. requires that all accountants must receive a copy of issues under
considera-
financial standards tion
B. enables interested parties to express their
views on issues under consideration
C. identifies the accounting issues that are the
most important
D.is an efficient system for collecting dues from
mem- bers
6. The body that has the power to prescribe the
account- SEC ing practices and standards to be
employed by com- panies that fall under its
jurisdiction is the
A. AICPA
B. SEC
C. APB
D. FASB
7. Neutrality is an ingredient of which fundamental qual- Faithful
representation
ity of information
A. Comparability
B. Relevance
C. Understandability
D. Faithful Representation
, ACC 311 - Final Exam Solved Correctly To Score A+
8. Which if the following is a component of the Recognition occurs
revenue recognition principle when the
A. Production is complete and there is an performance obliga-
active mar- ket for the product tion is satisfied
