U.S. public company needs guidance in accounting for and reporting a complex derivative transaction that it entered into with a European subsidiary. This company is most likely to find the appropriate guidance in the:
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1 .Financial statements prepared under which of the following methods include adjustments for both specific price changes and general price level changes?
A Current cost/nominal dollar. B Current cost/constant dollar. C Historical cost/constant dollar. D Historical cost/nominal dollar.
2 .On September 22, Year 4, Yumi Corp. purchased merchandise from an unaffiliated foreign company for 10,000 units of the foreign company's local currency. On that date, the spot rate was $.55. Yumi paid the bill in full on March 20, Year 5, when the spot rate was $.65. The spot rate was $.70 on December 31, Year 4. What amount should Yumi report as a foreign currency transaction loss in its income statement for the year ended December 31, Year 4?
A $0 B $500. C $1,000 D $1,500
3 .Personal financial statements usually consist of:
A A statement of net worth and a statement of changes in net worth. B A statement of financial condition and a statement of changes in net worth. C A statement of financial condition, a statement of changes in net worth, and a statement of cash flows. D A statement of net worth, an income statement,...
4 .Which of the following is the most authoritative source of U.S. GAAP?
A FASB Statements of Financial Accounting Standards. B FASB Accounting Standards Codification. C International Financial Reporting Standards. D FASB Statements of Financial Accounting Concepts.
5 .Which of the following documents is typically issued as part of the due-process activities of the Financial Accounting Standards Board (FASB) for amending the FASB Accounting Standards Codification?
A A proposed statement of position. B A proposed accounting research bulletin. C A proposed staff accounting bulletin. D A proposed accounting standards update.
7 .Which of the following statements best describes an operating procedure for issuing FASB Accounting Standards Update?
A An Accounting Standards Update is issued only after a majority vote by the members of the FASB. B A new Accounting Standards Update can be rescinded by a majority vote of the AICPA membership. C The emerging issues task force must approve a discussion memorandum before it is disseminated to the pu...
8 .Which of the following statements best describes an operating procedure for issuing a new International Financial Reporting Standard?
A Exposure drafts are only released to selected interested parties. B The IASB and IFRIC must jointly approve a new IFRS by majority vote. C An exposure draft is issued after approval by at least nine members of the IASB. D The IASB issues a required discussion paper as its first publication on the ...
9 .The FASB’s due process for setting accounting standards includes which of the following procedures?
A The FASB obtains approval from the International Accounting Standards Board in setting its agenda. B The FASB’s Emerging Issues Task Force ratifies amendments to the Accounting Standards Codification. C The FASB delegates topics to the Financial Accounting Foundation for research and reporting. ...
10 .According to the FASB and IASB conceptual frameworks, the primary users of financial reports include all of the following, except:
A Investors. B Regulators C Creditors. D Lenders.
