The FASB’s due process for setting accounting standards includes which of the following procedures?
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1 .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.
2 .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.
3 .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.
4 .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 B A new Accounting Standards Update can be rescinded by a majority vote of the AICPA membership.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...
5 .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 ...
7 .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.
8 .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.
9 .Financial information provided in general purpose financial reports does not include information about:
A How effectively and efficiently the entity's shareholders' have discharged their responsibility to use the entity's resources. B How effectively and efficiently the entity's governing board has discharged its responsibility to use the entity's resources. C The resources of the entity. D The claims...
10 .According to the FASB and IASB conceptual frameworks, useful information must exhibit the fundamental qualitative characteristics of:
A Comparability and materiality. B Faithful representation and relevance C Neutrality and verifiability. D Understandability and timeliness.
