19 Free Test Bank for Financial Accounting Theory and Analysis Text and Cases 11th Edition Schroeder

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Under Statement of Financial Accounting Concepts No. 8, which of the following is an ingredient of the primary quality of relevance?

•  a. Neutrality
•  b. Completeness
•  c. Understandability
•  d. Verifiability

Which of the following is considered a constraint by Statement of Financial Accounting Concepts No. 8?

•  a. Cost
•  b. Conservatism
•  c. Timeliness
•  d. Verifiability

What is meant by consistency when discussing financial accounting information?

•  a. Information that is measured and reported in a similar fashion across points in time.
•  b. Information is timely.
•  c. Information is measured similarly across the industry.
•  d. Information is verifiable

Which of the following organizations published the monograph titled A Statement of Accounting Principles?

•  a. SEC
•  b. AAA
•  c. AIA
•  d. NAA

What is meant by comparability when discussing financial accounting information?

•  a. Information has predictive or confirmatory value.
•  b. Information is reasonably free from error.
•  c. Information that is measured and reported in a similar fashion across companies.
•  d. Information is timely.

Who was the author of Accounting Research Study No. 1, The Basic Postulates of Accounting?

•  a. Robert Sprouse
•  b. Maurice Moonitz
•  c. Alvin Jennings
•  d. Thomas Hatfield

Which of the following organizations published the monograph titled A Tentative Statement of Accounting Principles Affecting Annual Corporate Reports

•  a. SEC
•  b. AAA
•  c. AIA
•  d. NAA

Under Statement of Financial Accounting Concepts No. 8, which of the following is an ingredient of the primary quality of faithful representation?

•  a. Understandability
•  b. Verifiability
•  c. Predictive value
•  d. Materiality

Which of the following economists most influenced the views of DR Scott?

•  a. Thorstein Veblen
•  b. John Hicks
•  c. Karl Marx
•  d. John Smith

Which of the following is not an approach to accounting theory As categorized by Statement on Accounting Theory and Theory Acceptance?

•  a. Classical,
•  b. Neoclassical
•  c. Decision usefulness
•  d. Information economics.

Under Statement of Financial Accounting Concepts No. 8, which of the following is not a qualitative characteristic associated with faithful representation?

•  a. Completeness
•  b. Free from error
•  c. Neutrality
•  d. Predictive value

What is the objective of financial reporting?

•  a. Provide information that is useful to management in making decisions.
•  b. Provide information that clearly portrays nonfinancial transactions.
•  c. Provide information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors.
•  d. Provide information that excludes claims to the resources.

An item is considered material if

•  a. It doesn’t cost a lot of money.
•  b. It is of a tangible good.
•  c. It is likely to influence the decision of an investor or creditor.
•  d. The cost of reporting the item is greater than its benefits

What is the purpose of Emerging Issues Task Force?

•  a. Provide interpretation of existing standards.
•  b. Provide a consensus on how to account for new and unusual financial transactions.
•  c. Provide interpretive guidance.
•  d. Provide timely guidance on select issues