Question 27 Which of the following accounting standard setting body in the United States existed for the longest time period? A. CAP B. FASB C. APB D. NYSE
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Question 27
Which of the following accounting standard setting body in the United States existed for the longest time period?
| A. |
CAP
|
|
| B. |
FASB
|
|
| C. |
APB
|
|
| D. |
NYSE
|
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- Going from 1938 to the present, which is the correct sequence of accounting rule-making bodies? a. APB-CAP-FASB b. CAP-FASB-APB c. CAP-APB-FASB d. FASB-APB-CAPHow many members minimum appointed to prepare the financial accounting statement of International Accounting Standard Board? Select one: a. 3 b. 16 C. 5 d. 7Question 7 The International Accounting Standards Board (IASB) follows specific steps in developing International Financial Reporting Standards (IFRS). Place the following steps in the correct order: 1. Research and analysis conducted; preliminary views of pros and cons issued. 2. Topics identified and placed on the agenda. 3. Board evaluates responses, final standard issued. 4. Board evaluates research, issues exposure draft. A. 2, 1, 4, 3 B. 1, 2, 4, 3 C. 1, 2, 3, 4 D. 1, 2, 5, 3, 4
- What is the applicable financial reporting framework in the U.S. known as? a. The Internal Revenue Code b. IFRS c. GAAP d. GAAS8. In common law countries accounting focuses on economic substance and the standards and procedures are incorporated into national lawsSelect one:TrueFalsecompare key concepts of fi nancial reporting standards under IFRS and US generally accepted accounting principles (US GAAP) reporting system
- Discuss similarities and differences between the accounting treatment for U.S. GAAP and IFRS if any from the topic you selected.6. What is the purpose of the International Accounting Standards Board? How are IASB standards used by various countries?In the FASB Accounting Standards Codification some of the sections may have the letter "S" next to it. What does the "S" indicate? Question 24 options: a) Superceded Guidance b) SEC Guidance c) SME Guidance d) Simplified Guidance
- In common law countries accounting focuses on economic substance and the standards and procedures are incorporated into national laws Select one: O True O FalseCritically discuss SIX causes of differences in accounting practices used in different countriesWhich of the following events caused international accounting standards to become more widely adopted? A. The creation of the International Accounting Standards Committee in 1973. B. The announcement by the European Union (EU) that listed companies within EU countries would have to adopt international reporting standards.' C. The creation of the International Accounting Standards Board in 2001. D. the U.S. Securities and Exchange Commission acceptance of international reporting standards for companies listed on the U.S. securities exchanges.