Question 1 (5 points)
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Which of the following was not a
criticism of the development of accounting standards by the Accounting
Principles Board?
Question 1 options:
Harmonization. |
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Response |
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The |
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The |
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2 (5 points)
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Which of the following is the
professional organization of university accounting professors?
Question 2 options:
Financial |
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American |
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American |
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American |
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3 (5 points)
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The net realizable value of
receivables is calculated as the face value of the receivables less adjustments
for:
Question 3 options:
credit |
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actual |
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estimated |
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bad |
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4 (5 points)
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Who was the author of Accounting
Research Study No. 1, The Basic Postulates of Accounting?
Question 4 options:
Maurice |
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Thomas |
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Robert |
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Alvin |
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5 (5 points)
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What is the objective of
financial reporting?
Question 5 options:
Provide |
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Provide |
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Provide |
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Provide |
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6 (5 points)
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What is the name given to the
agreement between the FASB and IASC to harmonize accounting standards?
Question 6 options:
The |
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The |
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The |
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The |
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7 (5 points)
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Which of the following is not a
qualitative characteristic contained in the IASB’s Framework for the
Preparation of Financial Statements?
Question 7 options:
Understandability |
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Reliability |
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Relevance |
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Timeliness |
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8 (5 points)
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Which of the following research
approaches is attributed to DR Scott?
Question 8 options:
Inductive |
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Deductive |
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Ethical |
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Pragmatic |
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9 (5 points)
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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 |
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Agency |
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Efficient |
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Fundamental |
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10 (5 points)
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A trading security is measured at
fair value on the balance sheet date and reported as:
Question 10 options:
a |
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either |
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a |
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a |
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11 (50 points)
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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: