Financial Accounting and Reporting Chapter 8 Exam Questions and Answers 100% Solved
3 views 0 purchase
Course
Financial
Institution
Financial
Financial Accounting and Reporting
Chapter 8 Exam Questions and Answers
100% Solved
Primary Goals of Accounting Standard - to facilitate accurate,
consistent, and meaningful comparisons across firms
International Financial Reporting Standard (IFRS) - created by the
International Accounting St...
other firms in a similar line of business and reflect any changes in
accounting policy.
Verifiability - ✔✔neutral and unbiased, and must fairly represent the
business transactions reported
Timliness - ✔✔should be presented in a time capable of influencing
decisions within the limits of reliability and completeness
Understandability - ✔✔must be presented as understandable as possible
for non-accountants. Relevant information, no matter how complicated,
should not be omitted though.
Completeness (Cost Constraint) - ✔✔within the limits of reasonable cost,
information MUST be complete.
US Accounting Standards - ✔✔set of rules referred to as US Generally
Accepted Accounting Principles, GAAP. Which is developed by the
Financial Accounting Standards Board (FASB) published in from of the
ASC.
Role of SEC - ✔✔SEC enforces GAAP and all firms with publicly traded
securities must file audited financial statements through the SEC in the
form of 10-K(annual) and 10-Q(quarter). Has broad powers prescribing
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller JOSHCLAY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
