Question : Multiple Choice Questions 31. In order to ensure that they meaningful and : 1197591

 

Multiple Choice Questions

 

31. In order to ensure that they are meaningful and useful, financial statements should be prepared 

A. in accordance with section 108 of the Sarbanes-Oxley Act.

B. on a daily basis.

C. on a timely basis.

D. using generally accepted accounting principles (GAAP).

 

32. Which of the following statements is not correct? 

A. The Securities and Exchange Commission (SEC) issues the Statements of Financial Accounting Standards.

B. Statements issued by the Financial Accounting Standards Board (FASB) are binding on the members of the American Institute of Certified Public Accountants (AICPA).

C. An act of law gave the SEC the authority to determine the form and content of accounting reports filed by companies under its jurisdiction.

D. The Financial Accounting Standards Board is an independent organization.

 

33. The Statements of Financial Accounting Standards that automatically become generally accepted accounting principles are issued by 

A. the IRS.

B. the SEC.

C. the FASB.

D. the AICPA.

 

34. The Financial Accounting Standards Board is 

A. a branch of the AICPA.

B. a branch of the IRS.

C. an independent organization.

D. a branch of the SEC.

 

35. Which of the following important types of documents are not issued by the Accounting Standards Executive Committee? 

A. Accounting and auditing guides.

B. Statements of position.

C. Practice bulletins.

D. Tax authority guidelines.

 

36. Which of the following statements is NOT true? 

A. The American Institute of CPA’s has in the past had strong influence on the development of accounting principles.

B. The Sarbanes-Oxley Act places great emphasis on internal controls and fraud prevention.

C. The SEC has authority to accept or reject financial accounting principles and standards developed by the FASB.

D. Because of the Sarbanes-Oxley Act, it is probable that the FASB’s conceptual framework will become less important in developing accounting principles and standards.

 

37. In its conceptual framework, the FASB concluded that financial reporting rules should concentrate on providing information that is helpful to 

A. Current and potential investors and creditors in making investment and credit decisions.

B. Company management and owners.

C. Tax Authorities.

D. Regulating Agencies.

 

38. Investors and creditors expect to receive a cash flow from the business entity 

A. directly from the distribution of the company’s earnings.

B. indirectly through the disposition of their interests for cash.

C. Both of the above.

D. Neither of the above.

 

39. Financial report users need information about 

A. profits.

B. economic resources (assets).

C. claims against the assets (liabilities and owner’s equity).

D. All of the above.

 

40. The SEC’s 2003 report to the Congress on “principles-based” accounting observed that the first characteristic of objectives-based standards, as dictated by the Sarbanes-Oxley Act, is that any standard must be based on 

A. the cost-benefit test.

B. an improved and consistently applied framework.

C. qualitative characteristics.

D. transparency.

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more