Financial Reporting and Analysis: Using Financial Accounting Information 13th test bank
NAT: BUSPROG: Communication
STA: AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP: Harmonization of International Accounting Standards KEY: Bloom's: Knowledge
NOT: Time: 1 min.
46. The IASC does not have authority to enforce its standards, but these standards have been adopted in whole or in part by many countries.
ANS: T PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Communication
STA: AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP: Harmonization of International Accounting Standards KEY: Bloom's: Knowledge
NOT: Time: 1 min.
47. Domestic accounting standards have developed to meet the needs of international environments.
ANS: F PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Communication
STA: AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP: Harmonization of International Accounting Standards KEY: Bloom's: Knowledge
NOT: Time: 1 min.
48. In the United States, the issue of financial reporting standards for small and medium-sized entities (SME) has been debated for many years. These debates did not result in separate standards for SME.
ANS: T PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Communication
STA: AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP: Financial Reporting Standards for Small and Medium-Sized Entities (SMEs)
KEY: Bloom's: Knowledge NOT: Time: 1 min.
49. The IASB published an IFRS for SMEs in 2009.
ANS: T PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Communication
STA: AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP: Financial Reporting Standards for Small and Medium-Sized Entities (SMEs)
KEY: Bloom's: Knowledge NOT: Time: 1 min.
PROBLEM
1. Required:
State the accounting principle or assumption that is most applicable.
a.
The company uses the same accounting principle from period to period.
b.
Financial statements are prepared periodically.