Question : 91. The _____ the private-sector financial accounting standard setter in the : 1245621

91. The _____ is the private-sector financial accounting standard setter in the U.S., but has no enforcement powers. 
A. Financial Accounting Standards Board (FASB)
B. Government Accountability Office (GAO)
C. International Accounting Standards Board (IASB)
D. Public Company Accounting Oversight Board (PCAOB)
E. Accounting Standards Board

92. _____ must be used by U.S. Securities and Exchange Commission (SEC) registrants. 
A. U.S. GAAP
B. International Financial Reporting Standards (IFRS)
C. U.S. GAAS
D. International GAAP
E. International GAAS

93. The purpose of the conceptual framework developed by the Financial Accounting Standards Board (FASB) is to guide? 
A. alternative rule making decisions
B. enforcement decisions
C. academic research and study
D. Congressional decision-makers
E. standard setting decisions

94. _____ is a private-sector financial accounting standard setter that promulgates accounting standards that are required or permitted to be used in over 100 countries, but has no enforcement powers. 
A. Financial Accounting Standards Board (FASB)
B. International Accounting Standards Board (IASB)
C. Public Company Accounting Oversight Board (PCAOB)
D. U.S. Securities and Exchange Commission (SEC)
E. Governmental Accountability Office (GAO)

95. As of 2011, the _____ is an independent accounting standard-setting entity with 15 voting members from a number of countries. 
A. Public Companies Accounting Oversight Board (PCAOB)
B. International Accounting Standards Board (IASB)
C. American Institute of Certified Public Accountants (AICPA)
D. World Institute of Certified Public Accountants (WICPA)
E. International Institute of Certified Public Accountants (IICPA)

96. In 2007 the U.S. SEC adopted new rules that permit _____  that list and trade their securities in the United States to apply IFRS in their financial reports filed with the SEC without any reconciliation to U.S. GAAP.  
A. U.S. SEC registrants
B. non-U.S. SEC registrants
C. EU SEC registrants
D. Chinese SEC registrants
E. all of the above

97. Which of the following is true? 
A. A firm without sufficient cash will not survive.
B. A firm operating profitably will always survive.
C. Examining the cash receipts and disbursements during each month can identify the reasons for any deterioration of the cash balance.
D. a and c
E. all of the above

98. To reduce the lag on collection of accounts receivable, a company might 
A. offer a discount if customers pay quickly.
B. charge interest if customers delay payment.
C. use the accounts receivable as a basis for external financing.
D. sell only for cash.
E. all of the above

99. To increase cash flow, a manufacturer might: 
A. delay paying its suppliers.
B. borrow from a bank using the inventory as collateral.
C. institute a just-in-time inventory system.
D. all of the above
E. none of the above

100. _____ refers to converting a noncash item to cash, for example, collecting an account receivable.  
A. Actualization
B. Recognition
C. Realization
D. Materialization
E. Transformation