59 Free Test Bank for Intermediate Accounting Reporting and Analysis 1st Edition by Wahlen 

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The FASB Emerging Issues Task Force issues which of the following?

•  Statements of Position to influence the development of principles
•  Consensus Positions on the implementation of standards
•  Financial Reporting Releases on guidelines for reporting issues
•  Technical Bulletins on accounting and reporting problems

As a potential equity investor, what would you least be interested in a company prior to making and investment decision?

•  What differentiates them from their competition?
•  Whether they are generating a profit?
•  Whether they have positive cash flows?
•  What are the employee benefits and compensation packages?

The FASB Accounting Standards Codification is expected to provide all of the following benefits except

•  reduce the research time necessary to solve an accounting research issue
•  codify authoritative support such as results of academic research
•  provide real-time updates as new standards are issued
•  improve the usability of the authoritative accounting literature

Concerning FASB membership, which statement is not true?

•  Not all members are CPAs from public practice.
•  All members are full time and fully paid.
•  All members are also members of the Financial Accounting Foundation.
•  All members must sever organizational ties with their previous employer.

After formulating a strategic plan what three types of activities will a company engage in?

•  Planning, operating, and selling
•  Investing, operating, and selling
•  Financing, investing, and operating
•  Operating, planning, and financing

The organization that has legal authority to prescribe accounting principles and reporting practices for all corporations issuing publicly traded securities within the U.S. capital markets is?

•  Accounting Principles Board
•  Securities and Exchange Commission
•  Financial Accounting Standards Board
•  Committee on Accounting Procedure

The Financial Accounting Foundation (FAF) is the parent organization of the which?

•  AICPA (American Institute of Certified Public Accountants)
•  AAA (American Accounting Association)
•  SIFMA (Securities Industry and Financial Markets Association)
•  FASB (Financial Accounting Standards Board)

Which of the following pronouncements issued by the FASB provides the lowest level of authoritative support?

•  technical bulletins
•  interpretations
•  statements of financial accounting standards
•  staff positions

The Securities and Exchange Commission has the legal authority to prescribe accounting principles and reporting practices for

•  all companies issuing publicly traded securities
•  all companies issuing any type of securities
•  all companies
•  all corporations

What type of FASB Pronouncement carried the highest authority within GAAP, establishing the methods and procedures required on specific accounting issues?

•  Staff Positions
•  Statements of Financial Accounting Standards
•  Statements of Financial Accounting Concepts
•  Technical Bulletins

Three major organizations in the private and public sector develop U.S. and international GAAP. They include all of the following except the

•  EU (European Union)
•  SEC (Securities and Exchange Commission)
•  FASB (Financial Accounting Standards Board)
•  IASB (International Accounting Standards Board)

The Securities Exchange Act of 1934 established extensive reporting requirements for listed companies. Which is not a commonly required report?

•  Form 10-Q. An extensive quarterly report, including financial statements.
•  Form S-2. A registration statement
•  Form 10-K. An extensive annual report, including financial statements
•  Form 8-K. A report used to describe significant events that may affect the company.

What is Financial Reporting?

•  The process of communicating internal accounting information to existing and potential investors, creditors, lenders, and other external decision makers.
•  The process of communicating financial accounting information to existing and potential investors, creditors, lenders, and other external decision makers.
•  The process of preparing financial accounting information to existing and potential investors, managers, and employees.
•  The process of communicating the strategic plan to existing and potential investors, creditors, lenders, and other external decision makers.

Which of the following is not a decision that external stakeholder’s of a company's financial information would make?

•  whether or not to extend credit to the company
•  whether or not to hold the company's stock
•  whether or not the company should add a new product line
•  whether or not to ask for an increase in employees' benefits during union contract negotiations

Information asymmetry problems arise because management’s behavior

•  may be to enhance the owners' financial interests at the expense of their self-interests
•  will always follow classic agency law
•  may not always be in the best interests of the owners (stockholders)
•  as agents will always be in the best interests of the owners (stockholders)

How many FASB members are there?

•  5
•  7
•  21
•  33

What type of FASB Pronouncement were to provide more timely and consistent application guidance and made to narrow and limit revisions of standards?

•  Technical Bulletins
•  Statements of Financial Accounting Standards
•  Interpretations
•  None of these choices

Creditors' information needs revolve around all of the following decisions, except

•  extending credit
•  maintaining a credit relationship
•  not extending credit
•  investing in credit instruments

Which organization has the most legal authority?

•  Financial Accounting Standards Board
•  Accounting Standards Executive Committee
•  Governmental Accounting Standards Board
•  Securities and Exchange Commission

Which pronouncements are not issued by the FASB?

•  Statements of Financial Accounting Concepts
•  Technical Bulletins
•  Opinions
•  Interpretations

Which of the following statements is true?

•  Accounting standard setting began in the United States when the AICPA formed the Committee on Accounting Procedure.
•  Accounting standard setting began in the United States when the SEC formed the Committee on Accounting Procedure.
•  Accounting standard setting began in the United States when the AICPA formed the Accounting Principles Board.
•  Accounting standard setting began in the United States when the FASB formed the Committee on Accounting Procedure.

The primary reason that financial accounting and managerial accounting have somewhat different objectives is because they

•  need information in different formats
•  provide information for different decisions
•  need information in different geographic locations
•  need information at different times

When making decisions, equity investors are interested in assessing

•  the company's ability to generate cash flows.
•  management's ability to increase the capital providers' investments.
•  the company's ability to pay dividends.
•  All of these choices

Which of the following is an internal stakeholder of a company's financial information?

•  company treasurer
•  stockholder in the company
•  bank lending to the company
•  union

Going from 1938 to the present, which is the correct sequence of accounting rule-making bodies?

•  APB-CAP-FASB
•  CAP-FASB-APB
•  CAP-APB-FASB
•  FASB-APB-CAP

What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States?

•  The SEC requires all companies listed on an exchange to submit their financial statements to the SEC.
•  The SEC coordinates with the FASB in establishing accounting standards.
•  The SEC has a mandate to establish accounting standards for corporations within the U.S. capital markets.
•  The SEC reviews financial statements for compliance with U.S. GAAP or IFRS.

What type of FASB pronouncements refined GAAP by clarifying conflicting or unclear issues relating to previously issued standards?

•  Staff Positions
•  Technical Bulletins
•  Interpretations
•  Other Pronouncements

While formally the SEC is charged with the responsibility for establishing accounting principles to be followed in the preparation of SEC filings, the impact of the SEC generally has been

•  in its assistance to Congress with the development of tax law
•  in guiding the development of stock exchanges
•  ineffective in controlling foreign corporations and investors
•  its informal review and approval of standards developed in the private sector prior to their release

Which of the following is NOT a major standard-setting body responsible for the establishment of U.S. and international GAAP Generally Accepted Accounting Principles)?

•  SEC (Securities Exchange Commission)
•  PCAOB (Public Company Accounting Oversight Board)
•  FASB (Financial Accounting Standards Board)
•  IASB (International Accounting Standards Board)