Financial Reporting and Analysis: Using Financial Accounting Information 13th test bank

 
   24.   Accounting principles that have substantial authoritative support.
 
   25.   A task force of representatives from the accounting profession created by the FASB to deal with emerging issues of financial reporting.
 
   26.   Created by the Securities Exchange Act of 1934.
 
   27.   Issued by the Accounting Standards Division of the AICPA to influence the development of accounting standards.
 
   28.   A professional accounting organization whose members are certified public accountants (CPAs).
 
   29.   Issued official opinion on accounting standards between 1959-1973.
 
   30.   This board issues four types of pronouncements: (1) Statements of Financial Accounting Standards (SFAS), (2) Interpretations, (3) Technical Bulletins, and (4) Statements of Financial Accounting Concepts (SFAC).
 
   31.   Presents all known facts and points of view on a topic; issued by the FASB.
 
   32.   Issued by the Financial Accounting Standards Board (FASB) and establish GAAP for specific accounting issues.
 
   33.   Responsible for adopting auditing standards.
 
   23.   ANS:  J                     PTS:   1                    DIF:    Difficulty: Moderate 
NAT:  BUSPROG: Communication           
STA:   AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP:   Development of Generally Accepted Accounting Principles (GAAP) in the United States
KEY:  Bloom's: Comprehension                 NOT:  Time: 20 min.          
 
   24.   ANS:  A                   PTS:   1                    DIF:    Difficulty: Moderate 
NAT:  BUSPROG: Communication           
STA:   AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP:   Development of Generally Accepted Accounting Principles (GAAP) in the United States
KEY:  Bloom's: Comprehension                 NOT:  Time: 20 min.          
 
   25.   ANS:  I                     PTS:   1                    DIF:    Difficulty: Moderate 
NAT:  BUSPROG: Communication           
STA:   AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP:   Development of Generally Accepted Accounting Principles (GAAP) in the United States
KEY:  Bloom's: Comprehension                 NOT:  Time: 20 min.          
 
   26.   ANS:  B                    PTS:   1                    DIF:    Difficulty: Moderate 
NAT:  BUSPROG: Communication           
STA:   AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP:   Development of Generally Accepted Accounting Principles (GAAP) in the United States
KEY:  Bloom's: Comprehension                 NOT:  Time: 20 min.          
 
   27.   ANS:  H                   PTS:   1                    DIF:    Difficulty: Moderate