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The Securities and Exchange Commission appointed the Committee TRUE OR FALSE: 1. Investors are interested in financial reporting because it provides information that is useful for making decisions. 2. Users of financial accounting statements have both coinciding and conflicting needs for information of various types. 3. The Securities and Exchange Commission appointed the Committee on Accounting Procedure. 4. The passage of a ...

Other / Other 12 May 2016

Which of the following pronouncements were issued by the Accounting Principles Board 1. FASB Technical Bulletins a. are similar to FASB Interpretations in that they establish enforceable standards under the AICPA's Code of Professional Ethics. b. are issued monthly by the FASB to deal with current topics. c. are not expected to have a significant impact on financial reporting in general and provide guidance when it does not conflict wi ...

Other / Other 12 May 2016

Which of the following is not a user of financial reports? 1. General-purpose financial statements are the product of a. financial accounting. b. managerial accounting. c. both financial and managerial accounting. d. neither financial nor managerial accounting. 2. Which of the following is not a user of financial reports? a. Creditors. b. Government agencies. c. Unions. d. All of these are users. 3. The financial statements ...

Other / Other 12 May 2016

Which of the following is an ethical concern of accountants 1. What is the "expectations gap"? a. The difference between what the public thinks the accountant should not do and what the accountant knows they should do. b. The difference between what the public thinks the accountant is doing and what Congress says the accountant is doing. c. The difference between what the public thinks the accountant should do and what the accountant t ...

Other / Other 12 May 2016

Financial statements are the principal means through which a company communicates TRUE OR FALSE: 1. Financial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control a company’s operations. 2. Financial statements are the principal means through which a company communicates its financial information to those outside it. 3. ...

Other / Other 12 May 2016

Which of the following is related to an effective capital allocation? 1. Which of the following represents a form of communication through financial reporting but not through financial statements? a. Balance sheet. b. President's letter. c. Income statement. d. Notes to financial statements. 2. The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and contr ...

Other / Other 12 May 2016

Why would it be advantageous for U.S. GAAP and International GAAP to be the same 1. Why would it be advantageous for U.S. GAAP and International GAAP to be the same ? 2. What is the difference between principles-based and rules-based accounting rules? Is IFRS more principles-based than U.S. GAAP? Explain. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course ...

Other / Other 12 May 2016

Which of the following is not a publication of the FASB 1. Which of the following is true of the Financial Accounting Standards Board a. It has issued a series of pronouncements entitled Auditing Standards Updates. b. It was the forerunner of the current Accounting Principles Board. c. It is the arm of the Securities and Exchange Commission responsible for setting financial accounting standards. d. The members of the FASB are appointe ...

Other / Other 12 May 2016

Which organization was responsible for issuing Accounting Research Bulletins 1. What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States? a. The SEC requires all companies listed on an exchange to submit their financial statements to the SEC. b. The SEC coordinates with the AICPA in establishing accounting standards. c. The SEC has a mandate to establish accounting sta ...

Other / Other 12 May 2016

What should be the loss recognized from the sale of the machine 1. Peterson Company purchased machinery for $160,000 on January 1, 2007. Straight-line depreciation has been recorded based on a $10,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2011 at a gain of $3,000. How much cash did Peterson receive from the sale of the machinery? a. $23,000 b. $27,000 c. $33,000 d. $43,000 2. Sutherland Company pur ...

Other / Other 11 May 2016