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Exam 1: Environment and Theoretical Structure of Financial Accounting

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Question 51

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Fundamental qualitative characteristics of accounting information are:

A) Relevance and comparability.
B) Comparability and consistency.
C) Faithful representation and relevance.
D) Neutrality and consistency.

E) A) and B)
F) A) and C)

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Question 52

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Accounting for stock-based compensation is an area in which the FASB has received little political interference.

A) True
B) False

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Question 53

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The possibility that the capital markets' focus on periodic profits may tempt a company's management to bend or even break accounting rules to inflate reported net income is an example of:

List and briefly describe the three levels of inputs described in the fair-value measurement hierarchy.

In a recent annual report,Apple Computer reported the following in one of its disclosure notes: "Warranty Expense: The Company provides currently for the estimated cost for product warranties at the time the related revenue is recognized." This note exemplifies Apple's use of:

Which of the following groups is not among the external users for whom financial statements are prepared?

SFAC 8 of the conceptual framework focuses on:

According to the FASB's Statements of Financial Accounting Concepts,conservatism is a desired qualitative characteristic of accounting information.

The FASB's conceptual framework lists relevance and timeliness as the two fundamental qualitative characteristics of decision useful information.

In IFRS,the conceptual framework indicates appropriate accounting when a more specific accounting standard does not apply.

The FASB's conceptual framework's qualitative characteristics of accounting information include:

In the United States the conceptual framework indicates GAAP when a more specific accounting standard does not apply.

Which of the following has the statutory authority to set accounting standards in the United States?

The periodicity assumption requires that present value calculations take into account the number of compounding periods in each year.

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms.Match each phrase with the correct number code for the term.

Which of the following is not a potential benefit of accrual accounting,compared to cash-basis accounting?

Use the following to answer questions The following information ($ in millions)comes from a recent annual report of Amazon.com,Inc.: -Compute Amazon's cost of goods sold for the year.

Listed below are 10 organizations followed by a list of phrases that describe or characterize the organizations.Match each phrase with the correct organization by placing the number designating the best term in the space provided by the phrase.

The primary function of financial accounting is to provide relevant financial information to parties external to business enterprises.

Listed below are five terms are followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the correct number code for the term.