Question 1 1 out of 1 points Under Statement of Financial Accounting Concepts No.

2, which of the following relates to both relevance and reliability? Answer Selected Answer: Materiality Correct Answer: Materiality Question 2 1 out of 1 points Under Statement of Financial Accounting Concepts No. 2, which of the following is an ingredient of the primary quality of reliability? Answer Selected Answer: Verifiability Correct Answer: Verifiability Question 3 1 out of 1 points Which of the following organizations published the monograph titled A Tentative Statement of Accounting Principles Affecting Annual Corporate Reports Answer

Selected Answer: AAA Correct Answer: AAA Question 4 1 out of 1 points Under Statement of Financial Accounting Concepts No. 2, feedback value is an ingredient of the primary quality of

Relevance Reliability A. No B. C. No Yes No Yes Yes No

D. Yes Answer Selected Answer: D Correct Answer: D Question 5 1 out of 1 points

Which of the following organizations published the monograph titled A Statement of Accounting Principles? Answer

Selected Answer: AIA Correct Answer: AIA Question 6 1 out of 1 points Which of the following is not one of DR Scotts hierarchy of accounting postulates and principles? Answer Selected Answer: The materiality principle Correct Answer: The materiality principle Question 7 1 out of 1 points Under Statement of Financial Accounting Concepts No. 2, which of the following is an ingredient of the primary quality of relevance? Answer Selected Answer: Predictive value Correct Answer: Predictive value Question 8

1 out of 1 points Which of the following is not an approaches to accounting theory AS categorized by Statement on Accounting Theory and Theory Acceptance? Answer Selected Answer: Neoclassical Correct Answer: Neoclassical Question 9 1 out of 1 points Which early accounting theorist was among the first to express the view that all changes in the value of assets and liabilities should be reflected in the financial statements ?\ Answer Selected Answer: William Paton Correct Answer: William Paton Question 10 1 out of 1 points Which of the following is considered a pervasive constraint by Statement of Financial Accounting Concepts No. 2 Answer Selected Answer:

Benefits>costs Correct Answer: Benefits>costs Question 11 1 out of 1 points An item is considered material if Answer Selected Answer: It is likely to influence the decision of an investor or creditor. Correct Answer: It is likely to influence the decision of an investor or creditor. Question 12 1 out of 1 points Which of the following hierarchy of qualities did Statement of Financial Accounting Concepts No. 2 indicate as being most important? Answer Selected Answer: Decision usefulness Correct Answer: Decision usefulness Question 13 1 out of 1 points

Which of the following is not a qualitative characteristic associated with reliability? Answer Selected Answer: Conservatism Correct Answer: Conservatism Question 14 1 out of 1 points Under Statement of Financial Accounting Concepts No. 2, which of the following interacts with both relevance and reliability to contribute to the usefulness of information? Answer Selected Answer: Comparability Correct Answer: Comparability Question 15 1 out of 1 points Under Statement of Financial Accounting Concepts No. 2, the ability through consensus of measures to ensure that information represents what it purports to represent is an example of the concept of Answer Selected Answer: Representational faithfulness

Correct Answer: Representational faithfulness Question 16 1 out of 1 points What is the current acronym for the body most responsible for issuing international accounting standards? Answer Selected Answer: IASB Correct Answer: IASB Question 17 1 out of 1 points Which of the following concepts is contained in the FASBs conceptual framework but not in the IASCs Answer Selected Answer: Comprehensive income Correct Answer: Comprehensive income Question 18 1 out of 1 points Which of the following is not an element of financial statements contained in the IASBs

Framework for the Preparation of Financial Statements? Answer Selected Answer: Gain Correct Answer: Gain Question 19 1 out of 1 points The IASBs Framework for the Preparation of Financial Statements describes four principal qualitative characteristics as the attributes that make the information provided in financial statements useful. Which of the following is NOT one of those four principal qualitative characteristics? Answer Selected Answer: Unique Correct Answer: Unique Question 20 1 out of 1 points How many members serve on the IASB? Answer Selected Answer: 14

Correct Answer: 14 Question 21 1 out of 1 points How does the IASC enforce its standards? Answer Selected Answer: Through the concept of best endeavors Correct Answer: Through the concept of best endeavors Question 22 1 out of 1 points Which of the following is not an environmental actor that could impact on the development of a countrys accounting system? Answer Selected Answer: Geographic location Correct Answer: Geographic location Question 23 1 out of 1 points Which of the following is not a use of international accounting standards?

Answer Selected Answer: As standards to be violated to improve intercountry comparability.. Correct Answer: As standards to be violated to improve intercountry comparability.. Question 24 1 out of 1 points Which of the following bodies has the responsibility to issue international financial reporting standards (IFRS) Answer Selected Answer: The International Accounting Standards Board Correct Answer: The International Accounting Standards Board Question 25 1 out of 1 points Which of the following is seen as a pervasive difference between IASBs and FASBs Conceptual Frameworks? Answer Selected Answer: Level of detail Correct Answer: Level of detail

Question 26 1 out of 1 points What is the title of the form that foreign companies have used to reconcile their financial statements to U. S. GAAP? Answer Selected Answer: Form20-F Correct Answer: Form20-F Question 27 1 out of 1 points What is the name given to the agreement between the FASB and IASC to harmonize accounting standards? Answer Selected Answer: The Norwalk Agreement Correct Answer: The Norwalk Agreement Question 28 1 out of 1 points Which of the following is not a qualitative characteristic contained in the IASBs Framework for the Preparation of Financial Statements? Answer

Selected Answer: Timeliness Correct Answer: Timeliness Question 29 0 out of 1 points Which of the following is NOT one of the environmental factors that impact on the development of a countrys accounting system? Answer Selected Answer: level of education Correct Answer: welfare system Question 30 1 out of 1 points How many trustees serve on the IASC Foundation? Answer Selected Answer: 22 Correct Answer: 22