Question 1 (5 points)

Question 1 Und

Which of the following was not a criticism of the
development of accounting standards by the Accounting Principles Board?

Question 1 options:

Harmonization. The accounting standards developed were
dissimilar to those developed by the International Accounting Standards

Response time. The emerging accounting problems were not
being investigated and solved quickly enough by the part-time members.

The independence of the members of the APB. The individuals
serving on the board had full-time responsibilities elsewhere that might
influence their views of certain issues.

The structure of the board. The largest eight public
accounting firms (at that time) were automatically awarded one member, and
there were usually five or six other public accountants on the APB.

Question 2 (5 points)

Question 2 Und

Which of the following is the professional organization of
university accounting professors?

Question 2 options:

Financial Executives Institute

American Accounting Association

American Institute of Certified Public Accountants

American Institute of Accountants

Question 3 (5 points)

Question 3 Und

The net realizable value of receivables is calculated as the
face value of the receivables less adjustments for:

Question 3 options:

credit sales.

actual uncollected amounts adjusted for purchase discounts.

estimated uncollectible accounts.

bad debts already written off.

Question 4 (5 points)

Question 4 Und

Who was the author of Accounting Research Study No. 1, The
Basic Postulates of Accounting?

Question 4 options:

Maurice Moonitz

Thomas Hatfield

Robert Sprouse

Alvin Jennings

Question 5 (5 points)

Question 5 Und

What is the objective of financial reporting?

Question 5 options:

Provide information that excludes claims to the resources

Provide information that is useful to management in making

Provide information that clearly portrays nonfinancial

Provide information about the reporting entity that is
useful to present and potential equity investors, lenders, and other creditors

Question 6 (5 points)

Question 6 Und

What is the name given to the agreement between the FASB and
IASC to harmonize accounting standards?

Question 6 options:

The Paris Accords

The Norwalk Agreement

The Washington DC agreement

The London agreement

Question 7 (5 points)

Question 7 Und

Which of the following is not a qualitative characteristic
contained in the IASB’s Framework for the Preparation of Financial Statements?

Question 7 options:





Question 8 (5 points)

Question 8 Und

Which of the following research approaches is attributed to
DR Scott?

Question 8 options:





Question 9 (5 points)

Question 9 Und

Which of the following outcomes of providing accounting
information is an attempt to identify individual securities that are mispriced
by reviewing all available financial information?

Question 9 options:

Capital asset pricing model

Agency theory

Efficient markets

Fundamental analysis

Question 10 (5 points)

Question 10 Und

A trading security is measured at fair value on the balance
sheet date and reported as:

Question 10 options:

a current asset, and changes in fair value are reported in accumulated
other comprehensive income as unrealized gains and losses.

either a current or noncurrent asset depending on whether it
meets the definition of a current asset.

a current asset, and changes in fair value are reported in
earnings as unrealized gains and losses.

a current asset, and changes in fair value are reported in
earnings as realized gains and losses.

Question 11 (50 points)

Question 11 Und

What is goodwill?

How is the recorded value of goodwill determined?

How is goodwill written off under the provisions of SFAS No.
142 now FASB ASC 350?

Question 11 options: