ACCOUNTING HELP

55 Multiple-choice questions. Please select the best possible answer and indicate on the Scantron [1] Which of the following bodies has the original authority to set accounting standards for publicly traded companies in the US.? The Securities and Exchange Commission (SEC) B. The American Institute ofcertified Public Accountants (AICPA) C. The Financial Accounting Standards Board (FASB). D. The International Accounting Standards Board (ASB) [2] Which of the following statements best describes an operating procedure for issuing a new Accounting Standards Update? A The Emerging Issues Task Force must approve a discussion memorandum before it is disseminated to the public. B. The exposure draft is modified per public opinion before issuing the discussion memorandum. C A new update is issued only after a majority vote by the members of the FASB. D. A new FASB statement can be rescinded by a majority vote of the AICPA membership. 3 l According to the FASB's conceptual framework, the objective of general-purpose financial reporting is most likely based on A. Generally accepted accounting principles. B. Reporting on how well management has discharged its responsibilities. C. The need for conservatism. D. The needs of the users of the information. 4 What are the Statements of Financial Accounting Concepts intended to establish? A. Generally accepted accounting principles in financial reporting by business enterprises B. The of "present fairly in accordance with generally accepted accounting principles. meaning c The objectives and concepts for use in developing standards of financial accounting and reporting. principles. D. The hierarchy of sources of generally accepted accounting