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:   Traditional Assumptions of the Accounting Model             KEY:  Bloom's: Knowledge
NOT:  Time: 1 min.            
 
   14.   The most significant current source of generally accepted accounting principles is the:
a.
New York Stock Exchange.

b.
Accounting Principles Board.

c.
Accounting Research Studies.

d.
AICPA committee on Accounting Procedure.

e.
Financial Accounting Standards Board.

 
 
ANS:  E                    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: Knowledge                        NOT:  Time: 1 min.            
 
   15.   All but one of the following statements indicates a difference between the Financial Accounting Standards Board (FASB) and prior approaches. Select the one that is not a difference.
a.
The FASB is independent of the AICPA.

b.
The size of the board is much smaller.

c.
The FASB has broader representation.

d.
The FASB is the primary board for the development of generally accepted accounting principles.

e.
Members of the FASB serve on a full-time basis.

 
 
ANS:  D                   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: 3 min.            
 
   16.   The Accounting Principles Board issued Opinions between:
a.
1959-1973.

b.
1939-1959.

c.
1973-present.

d.
1966-1976.

e.
None of the answers are correct.

 
 
ANS:  A                   PTS:   1                    DIF:    Difficulty: Easy        
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: Knowledge                        NOT:  Time: 1 min.            
 
   17.   The Financial Accounting Standards Board has issued statements between:
a.
1960-1973.

b.
1939-1959.

c.
1973-present.

d.
1966-1976.

e.
None of the answers are correct.

 
 
ANS:  C                    PTS:   1                    DIF:    Difficulty: Easy