Which of the following statements best describes an operating procedure for issuing FASB Accounting Standards Update?
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1 .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
2 .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,...
3 .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.
4 .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.
5 .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:
A FASB Statements of Financial Accounting Concepts. B FASB Statements of Financial Accounting Standards. C ASB Accounting Standards Codification. D International Financial Reporting Standards.
7 .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 ...
8 .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. ...
9 .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.
10 .According to the FASB and IASB conceptual frameworks, the objective of general purpose financial reporting is to:
A Comply with the need for conservatism. B Provide financial information that is useful to primary users. C Report on how effectively and efficiently management has used the entity's resources. D Comply with generally accepted accounting principles.
