Scribd Logo
Upload

Welcome to Scribd!

  • 8 views

    Test One - Test

    Uploaded by

    hatenon1415
    This document contains an intermediate financial accounting test with essay and multiple choice questions. The essay questions ask about types of pronouncements in GAAP and IFRS, key organizations in IAS development and their roles, differences between financial and managerial accounting, and differences between financial statements and reporting. It also asks about the IFRS Interpretations Committee and challenges facing the accounting profession. The multiple choice questions cover the standard-setting process, components of GAAP and IFRS, the conceptual framework, objectives of financial reporting, intended users of general purpose financial statements, and the expectations gap.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Test One - Test

    Uploaded by

    hatenon1415
    8 views2 pages
    This document contains an intermediate financial accounting test with essay and multiple choice questions. The essay questions ask about types of pronouncements in GAAP and IFRS, key organizations in IAS development and their roles, differences between financial and managerial accounting, and differences between financial statements and reporting. It also asks about the IFRS Interpretations Committee and challenges facing the accounting profession. The multiple choice questions cover the standard-setting process, components of GAAP and IFRS, the conceptual framework, objectives of financial reporting, intended users of general purpose financial statements, and the expectations gap.

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains an intermediate financial accounting test with essay and multiple choice questions. The essay questions ask about types of pronouncements in GAAP and IFRS, key organizations in IAS development and their roles, differences between financial and managerial accounting, and differences between financial statements and reporting. It also asks about the IFRS Interpretations Committee and challenges facing the accounting profession. The multiple choice questions cover the standard-setting process, components of GAAP and IFRS, the conceptual framework, objectives of financial reporting, intended users of general purpose financial statements, and the expectations gap.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    8 views2 pages

    Test One - Test

    Uploaded by

    hatenon1415
    This document contains an intermediate financial accounting test with essay and multiple choice questions. The essay questions ask about types of pronouncements in GAAP and IFRS, key organizations in IAS development and their roles, differences between financial and managerial accounting, and differences between financial statements and reporting. It also asks about the IFRS Interpretations Committee and challenges facing the accounting profession. The multiple choice questions cover the standard-setting process, components of GAAP and IFRS, the conceptual framework, objectives of financial reporting, intended users of general purpose financial statements, and the expectations gap.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    2/22/24, 12:19 PM TEST ONE - Test

    Intermediate Financial Accounting Test 1

    Name:______________________________Idno:_____________Section:_______________

    Essay part

    1. What are the three types of pronouncement? Both GAAP and IFRS
    2. What are the two key organizations in the development of international accounting
    standards? Explain their role.
    3. Differentiate between financial accounting and managerial accounting.
    4. What is the difference between financial statements and financial reporting?
    5. Explain the role of the IFRS Interpretations Committee.
    6. What are some of the major challenges facing the accounting profession?

    Multiple choices

    1. Accounting standard-setters use the following process in establishing accounting standards:


    A. Research, exposure draft, discussion paper, standard.
    B. Discussion paper, research, exposure draft, standard.
    C. Research, preliminary views, discussion paper, standard.
    D. Research, discussion paper, exposure draft, standard.
    2. GAAP is comprised of:
    A. FASB standards, interpretations, and concepts statements.
    B. FASB financial standards.
    C. FASB standards, interpretations, EITF consensuses, and accounting rules issued by
    FASB predecessor organizations.
    D. Any accounting guidance included in the FASB Codification.
    3. The authoritative status of the conceptual framework is as follows.
    A. It is used when there is no standard or interpretation related to the reporting issues
    under consideration.
    B. It is not as authoritative as a standard but takes precedence over any interpretation
    related to the reporting issue.
    C. It takes precedence over all other authoritative literature.
    D. It has no authoritative status.
    4. The objective of financial reporting places most emphasis on:
    A. Reporting to capital providers.
    B. Reporting on stewardship.
    C. Providing specific guidance related to specific needs.
    D. Providing information to individuals who are experts in the field.
    5. General-purpose financial statements are prepared primarily for:
    A. Internal users.
    B. External users.
    C. Auditors.
    D. Government regulators.

    about:blank 1/2
    2/22/24, 12:19 PM TEST ONE - Test

    Intermediate Financial Accounting Test 1

    6. The expectations gap is:


    A. What financial information management provides and what users want.
    B. What the public thinks accountants should do and what accountants think they can do.
    C. What the governmental agencies want from standard-setting and what the standard-
    setters provide.
    D. what the users of financial statements want from the government and what is
    provided
    7. Economic consequences of accounting standard-setting means:
    A. Standard-setters must give first priority to ensuring that companies do not suffer any
    adverse effect as a result of a new standard.
    B. Standard-setters must ensure that no new costs are incurred when a new standard is
    issued.
    C. The objective of financial reporting should be politically motivated to ensure
    acceptance by the general public.
    D. Accounting standards can have detrimental impacts on the wealth levels of the
    providers of financial information.
    8. The objective of financial reporting places most emphasis on:
    A. Reporting to capital providers.
    B. Reporting on stewardship.
    C. Providing specific guidance related to specific needs.
    D. Providing information to individuals who are experts in the field.
    9. IFRS is comprised of:
    A. International Financial Reporting Standards and FASB financial reporting standards.
    B. International Financial Reporting Standards, International Accounting Standards, and
    International Accounting Standards Interpretations.
    C. International Accounting Standards and International Accounting Standards
    Interpretations.
    D. FASB financial reporting standards and International Accounting Standards.

    about:blank 2/2

    You might also like