ACCT_3610_FL23_QUIZ_01

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Washington University in St Louis *

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3610

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Accounting

Date

Feb 20, 2024

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doc

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4

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ACCOUNTING 3610 – FALL 2023 QUIZ # 1 (5 Points) Student ID # ______________ The number of points for the respective questions is indicated in parentheses. Problem 1 (1 Point) _____ In 2023, which of the following tasks is (are) a primary responsibility of the American Institute of Certified Public Accountants (AICPA)? A. Overseeing the content, format and overall administration of the Certified Public Accountant (CPA) exam B. Reviewing the audit work of accounting firms, and in turn making recommendations to the Securities and Exchange Commission (SEC) regarding which accounting firms should/should not be allowed to perform the audits of publicly traded corporations. C. Both A and B are primary responsibilities of the AICPA. D. None of the above. Problem 2 (1 Point) Do you AGREE or DISAGREE with the following statement: “Telxon used a “proprietary cost” argument to support their position that they wouldn’t disclose accounting information to a company (Symbol Technologies, Inc.) in their same industry until after the business combination was completed.” Circle either AGREE or DISAGREE , and BRIEFLY support your answer.
Problem 3 (1 Point) _____ Which of the following statements is(are) true in 2023 with regard to SEC filings for non-US corporations that access United States capital markets? A. The companies may file financial statements prepared in accordance with US GAAP. B. The companies may file financial statements prepared in accordance with International Financial Reporting Standards (IFRS), without having to reconcile those financial statements to US GAAP . C. Both A and B are acceptable. D. None of the above. Problem 4 (1 Point) What is an Exposure Draft, and why does the Financial Accounting Standards Board issue them? Problem 5 (1 Point ) The following statement is TRUE / FALSE (Circle One): “Even though the “Joint (FASB & IASB) Conceptual Framework” project did not get very far, the FASB has continued work on the project and has updated the US Conceptual Framework in recent years.
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