Financial Accounting Standards Board Essay

Charging off equipment that cost less than $20 would be an example of the finish of a. overtaking concern b. cost c. matching d. materiality e. credit autonomic nervous systemD 2. The going concern confidence a. is applicable to all financial statements b. in the beginning involves full stopic income measurement c. allows for the statements to be prep bed under generally accepted accounting rulers d. requires that accounting procedures be the same from period to period e. none of the answers are adjustUnderstating assets and revenues is justified based on a. realization assumption b. matching c. consistency d. realization e. none of the answers are correct autonomic nervous systemE 4. The assumption that enables us to prepare periodic statements between the magazine that a business commences operations and the time it goes out of business is a. time period b. business entity c. diachronic cost d. transaction e. none of the answers are correct ANSA 5. Valuing assets at their liquidation values is not consistent with a. conservatism b. materiality c. going concern d. time period . none of the answers are correct ANSC 6. The business existence separate and distinct from the owners is an integral part of the a. time period assumption b. going concern assumption c. business entity assumption d. realization assumption e. none of the answers are correct ANSC 7.The principle that assumes the reader of the financial statements is not interested in the liquidation values is a. conservatism b. matching c. time period d. realization e. none of the answers are correct ANSE 8. An accounting period that ends when operations are at a low ebb is a. a calendar year b. a financial year c. the natural business year d. an operating year e. none of the answers are correct ANSC 9. The accounting principle that assumes that inflation pull up stakes not take place or will be immaterial is a. monetary unit b. historical cost c. realization d. going concern e. none of the ans wers are correct ANSA 10. Valuing inventory at the lower of cost or market is an application of the a. time period assumption b. realization principle c. going concern principle d. conservatism principle e. none of the answers are correct ANSD 11.The realization principle leads accountants to usually tell revenue at a. the end of production b. during production c. the receipt of cash d. the point of sale e. none of the answers are correct ANSD 12. The stimulus that items that are not material may be recorded in the financial statements in the most economical and expedient manner possible is proxy of a. matching b. conservatism c. realization d. materiality e. none of the answers are correct ANSD 13. The assumption that deals with when to recognize the costs that are associated with the revenue that is being recognized is a. matching b. going concern c. consistency d. materiality e. none of the answers are correct ANSA 14. The most significant current microbe of generally accepte d accounting principles is the a. New York Stock Exchange b. chronicle Principles control board c. Accounting Research Studies d. AICPA committee on Accounting Procedure e. fiscal Accounting Standards Board ANSE 15. All but one of the following statements indicates a difference between the Financial Accounting Standards Board (FASB) and preceding approaches. Select the one that is not a difference. a. The FASB is independent of the AICPA. b. The size of the board is much smaller. c. The FASB has broader representation. d. The FASB is the primary board for the development of generally accepted accounting principles. e. Members of the FASB advert on a full-time basis. ANSD 16. The Accounting Principles Board issued Opinions between a. 1959-1973 b. 1939-1959 c. 1973-present d. 1966-1976 e. none of the answers are correct ANSA 17. The Financial Accounting Standards Board has issued statements between a. 1960-1973 b. 1939-1959 c. 1973-present d. 1966-1976 e. none of the answers are correct ANSC 18. Accountants face a problem of when to recognize revenue. Which of the following methods of recognizing revenue is not apply in practice? a. point of sale b. point of order acceptance c. end of production d. receipt of cash e. revenue recognized during production ANSB 19.The organization that has by federal law the accountability to adopt auditing standards is the a. New York Stock Exchange b. Public Company Accounting Oversight Board c. Accounting Principles Board d. Financial Accounting Standards Board . AICPA Committee on Accounting Procedure ANSB 20. By law, the setting of accounting standards is the responsibility of the a. AICPA Committee on Accounting Procedure b. New York Stock Exchange c. Accounting Principles Board d. Securities and Exchange Commission e. Financial Accounting Standards Board ANSD 21. The assumption that allows accountants to accept some inaccuracy, because of incomplete information about the future, in exchange for more timely reporti ng is a. conservatism b. time period c. business entity d. materiality e. realization ANSB 22.