Exam (elaborations)
INTERMEDIATE ACCOUNTING WILEY- CHAPTER #1 QUESTIONS AND ANSWERS
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INTERMEDIATE ACCOUNTING WILEY- CHAPTER #1 QUESTIONS AND ANSWERS
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INTERMEDIATE ACCOUNTING WILEY-CHAPTER #1 QUESTIONS AND
ANSWERS
GAAP is the term used to indicate the whole body of FASB authoritative literature. -
Answer-True
Any company claiming compliance with GAAP must comply with most standards and
interpretations but does not have to follow the disclosure requirements. - Answer-False
The primary governmental body that has influence over the FASB is the SEC. - Answer-
True
The FASB has a government mandate and therefore does not have to follow due
process in issuing a standard. - Answer-False
GAAP Stands for? - Answer-Generally accepted accounting principles
Accounting standard-setters use the following process in establishing accounting
standards: - Answer-Research, discussion paper, exposure draft, standard.
GAAP is comprised of: - Answer-any accounting guidance included in the FASB
Codification
The authoritative status of the conceptual framework is as follows. - Answer-It is used
when there is no standard or interpretation related to the reporting issues under
consideration.
The objective of financial reporting places most emphasis on: - Answer-Reporting to
capital providers
The objective of financial reporting identifies ______________ as the primary users for
general-purpose financial statements. - Answer-Investors and creditors.
A common set of accounting standards and procedures are called - Answer-Generally
accepted accounting principles
Corporations whose securities are listed on a U.S. stock exchange are required to file
audited financial statements with the Securities Exchange Commission. - Answer-True
The __________ requires that members prepare financial statements in accordance
with GAAP. - Answer-AICPA's Code of Professional Conduct.
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