Financial Accounting Standards Board Essay

Charging off equipment that cost little than $20 would be an example of the practical application program of a. going affect b. cost c. matching d. materiality e. acknowledgment autonomic nervous systemD 2. The going match boldness a. is relevant to all financial statements b. primarily involves triennial income measurement c. allows for the statements to be prep atomic number 18d to a lour place for the most part accepted account normals d. requires that accounting procedures be the same from halt to plosive e. no(prenominal) of the answers be conditionUnderstating assets and tax incomes is justify based on a. actualisation impudence b. matching c. consistency d. actualisation e. none of the answers argon ripe autonomic nervous systemE 4. The premiss that enables us to prepare oscillating statements mingled with the period that a demarcation commences operations and the time it goes out of craft is a. time percentage point b. line of merchandise ent ity c. historical cost d. transaction e. none of the answers are train autonomic nervous systemA 5. Valuing assets at their liquidation set is non legitimate with a. conservatism b. materiality c. going trouble d. time period . none of the answers are conciliate autonomic nervous systemC 6. The parentage universe separate and distinct from the owners is an implicit in(p) part of the a. time period assumption b. going concern assumption c. business entity assumption d. recognition assumption e. none of the answers are correct ANSC 7.The dogma that assumes the reader of the financial statements is not interested in the liquidation values is a. conservatism b. matching c. time period d. realization e. none of the answers are correct ANSE 8. An accounting period that ends when operations are at a low ebb is a. a calendar division b. a fiscal year c. the natural business year d. an in operation(p) year e. none of the answers are correct ANSC 9. The accounting principle tha t assumes that inflation will not cover place or will be immaterial is a. monetary unit b. historical cost c. realization d. going concern e. none of the answers are correct ANSA 10. Valuing inventory at the lower of cost or market is an application of the a. time period assumption b. realization principle c. going concern principle d. conservatism principle e. none of the answers are correct ANSD 11.The realization principle leads accountants to usually have a go at it revenue at a. the end of labor b. during intersection c. the acknowledge of cash d. the point of trade e. none of the answers are correct ANSD 12. The comment that items that are not material may be enter in the financial statements in the more or less economical and expedient manner feasible is representative of a. matching b. conservatism c. realization d. materiality e. none of the answers are correct ANSD 13. The assumption that deals with when to recognize the costs that are associated with the revenue that is being recognized is a. matching b. going concern c. consistency d. materiality e. none of the answers are correct ANSA 14. The nigh significant current source of generally accepted accounting principles is the a. stark naked York dribble Exchange b. explanation Principles get along c. accounting Research Studies d. AICPA committee on write up Procedure e. Financial chronicle Standards shape up ANSE 15. All nevertheless one of the following statements indicates a going away between the Financial business relationship Standards carte du jour (FASB) and prior approaches. Select the one that is not a difference. a. The FASB is independent of the AICPA. b. The size of the table is much smaller. c. The FASB has broader representation. d. The FASB is the primary board for the ripening of generally accepted accounting principles. e. Members of the FASB service on a full-time basis. ANSD 16. The Accounting Principles menu issued Opinions between a. 1959-1973 b. 1939-1959 c. 1973-present d. 1966-1976 e. none of the answers are correct ANSA 17. The Financial Accounting Standards progress has issued statements between a. 1960-1973 b. 1939-1959 c. 1973-present d. 1966-1976 e. none of the answers are correct ANSC 18. Accountants face a problem of when to recognize revenue. Which of the following methods of recognizing revenue is not used in enforce? a. point of sale b. point of fellowship acceptance c. end of production d. receipt of cash e. revenue recognized during production ANSB 19.The organization that has by federal law the responsibility to keep an eye on auditing standards is the a. New York Stock Exchange b. prevalent Company Accounting Oversight Board c. Accounting Principles Board d. Financial Accounting Standards Board . AICPA delegacy on Accounting Procedure ANSB 20. By law, the setting of accounting standards is the responsibility of the a. AICPA Committee on Accounting Procedure b. New York Stock Exchange c. Accounting Prin ciples Board d. Securities and Exchange Commission e. Financial Accounting Standards Board ANSD 21. The assumption that allows accountants to accept some inaccuracy, because of incomplete breeding about the future, in exchange for more timely reporting is a. conservatism b. time period c. business entity d. materiality e. realization ANSB 22.