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The Financial Accounting Standards Board employs a due process

Resolved Question:

The Financial Accounting Standards Board employs a "due process" system which (Points: 5)
has all CPAs in the United States vote on a new Statement.
enables interested parties to express their views on issues under consideration.
identifies the accounting issues that are the most important.
requires that all accountants receive a copy of financial standards.


2. (TCO A) The IASB: (Points: 5)
governs accounting standards in the U.S.
is working on a convergence project with the FASB.
sets the accounting standards for only European countries.
plays only a minor part in accounting rule making throughout the world.


3. (TCO A) International GAAP, or i-GAAP: (Points: 5)
has different standards than under U.S. GAAP.
has some commonality with U.S. GAAP in many areas.
is accepted by many countries throughout the world
all of the above are true.


4. (TCO A) Information is neutral if it: (Points: 5)
provides benefits which are at least equal to the costs of its preparation.
can be compared with similar information about an enterprise at other points in time.
would have no impact on a decision maker.
is free from bias toward a predetermined result.


5. (TCO A) Which of the following elements of financial statements is not a component of comprehensive income? (Points: 5)
Revenues
Distributions to owners
Losses
Expenses


6. (TCO A) Issuance of common stock for cash affects which basic element of financial statements? (Points: 5)
Revenues
Losses
Liabilities
Equity


7. (TCO A) Which basic element of financial statements arise from peripheral or incidental transactions? (Points: 5)
Assets
Liabilities
Gains
Expenses


8. (TCO A) Which basic assumption may not be followed when a firm in bankruptcy reports financial results? (Points: 5)
Economic entity assumption
Going concern assumption
Periodicity assumption
Monetary unit assumption


9. (TCO A) What is the quality of information that enables users to better forecast future operations? (Points: 5)
Reliability.
Materiality.
Comparability.
Relevance.


10. (TCO A) Financial information exhibits the characteristic of consistency when (Points: 5)
expenses are reported as charges against revenue in the period in which they are paid.
accounting entities give accountable events the same accounting treatment from period to period.
extraordinary gains and losses are not included on the income statement.
accounting procedures are adopted which give a consistent rate of net income


11. (TCO A) Which of the following is true with regard to the element "comprehensive income"? (Points: 5)
includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
is optional for financial statement preparers.
is not in accordance with GAAP.
came into law with the passing of the Sarbanes-Oxley Act.


12. (TCO A) Which of the following basic accounting assumptions is threatened by the existence of severe inflation in the economy? (Points: 5)
Monetary unit assumption.
Periodicity assumption.
Going-concern assumption.
Economic entity assumption.


13. (TCO D) One criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is (Points: 5)
failure to reflect current value information.
the extensive use of separate classifications.
an extensive use of estimates.
failure to include items of financial value that cannot be recorded objectively.


14. (TCO D) The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as (Points: 5)
solvency.
financial flexibility.
liquidity.
exchangeability.


15. (TCO D) The net assets of a business are equal to (Points: 5)
current assets minus current liabilities.
total assets plus total liabilities.
total assets minus total stockholders' equity.
none of these.


16. (TCO D) Houghton Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $313,000. What total amount should Houghton Company report as stockholders' equity? (Points: 5)
$848,000
$948,000
$1,048,000
$1,118,000


17. (TCO D) The current assets section of the balance sheet should include (Points: 5)
machinery
patents
goodwill
inventory


18. (TCO D) An example of an item which is not an element of working capital is: (Points: 5)
accrued interest on notes receivable.
goodwill.
goods in process.
temporary investments.


19. (TCO D) Which of the following is not an acceptable major asset classification? (Points: 5)
Current assets
Long-term assets
Property, plant, and equipment
Deferred charges


20. (TCO D) The presentation of long-term liabilities in the balance sheet should disclose: (Points: 5)
maturity dates
interest rates
conversion rights
all of the above


21. (TCO D) Equity or debt securities held to finance future construction of additional manufacturing plants should be classified on the balance sheet as: (Points: 5)
current assets.
property, plant and equipment.
intangible assets.
long-term investments.


22. (TCO D) Treasury stock should be reported as a(n) (Points: 5)
current asset.
investment
other asset.
reduction of stockholder's equity.
Submitted: 4 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 4 years ago.

Hello again

 

Please advise your deadline for this

Expert:  Manal Elkhoshkhany replied 4 years ago.

I am on number 13

 

Here is what I have finished so far

 

Please click here

 

if you have listed any of those questions on other posts, please close those posts

Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9499
Experience: More than 5000 online tutoring sessions.
Manal Elkhoshkhany and 4 other Homework Specialists are ready to help you
Expert:  Manal Elkhoshkhany replied 4 years ago.

here is some more

 

please do not click accept until I finish answering all questions

 

Please click here

Expert:  Manal Elkhoshkhany replied 4 years ago.
THIS ANSWER IS LOCKED!
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Customer: replied 4 years ago.
thanks for everything...the time has expired. I really appreciate all your help..
Expert:  Manal Elkhoshkhany replied 4 years ago.

Oh

 

I was just about to start on the others. Ok, here is what I suggest:

 

Please advise me at least 48 hours in advance of the day you plan to take a quiz (please quote the day and time in EST)

 

 

  • 1) On the day of the quiz, make a new post and base your offer on the total number of questions that would be on the quiz. Please make sure to type "For BusinessTutor" at the beginning of your post, then type something like "Are you here?"..
  • 2) Do not open the quiz until I respond to your message, I will be here on time, but just in case anything happens I do not want us to waste valuable time.
  • 3) Once I respond to you, you can open the quiz, copy and paste all the questions into a word document then upload the word document into http://www.mediafire.com/ then copy and paste the share link on the post.
  • 4) I will work out all the questions and send you the solutions

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