Question $1(2$ points$)$ The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organization's operations is called Question $1$ options: tax accounting. managerial accounting. financial accounting. auditing. Question $2(2$ points$)$ Who produces general$-$purpose financial statements? Question $2$ options: Tax accountants. Managerial accountants. Financial accountants. Cost accountants. Question $3(2$ points$)$ Why was it believed that accounting standards issued by the Financial Accounting Standards Board would carry more weight? Question $3$ options: Smaller membership. The FASB board members were well paid. The FASB board members were CPAs. Due process. Question $4(2$ points$)$ Members of the Financial Accounting Standards Board are: Question $4$ options: required to hold a CPA certificate. part$-$time employees. independent of any other organization. employed by the American Institute of Certified Public Accountants $($AICPA$).$ Question $5(2$ points$)$ The purpose of Statements of Financial Accounting Concepts is to: Question $5$ options: modify or extend an existing FASB Accounting Standards Update. form a conceptual framework for solving existing and emerging problems. establish GAAP. determine the need for FASB involvement in an emerging issue. Question $6(2$ points$)$ FASB Technical Bulletins: Question $6$ options: were recently discontinued by the FASB because they dealt with specialized topics having little impact on financial reporting in general. are similar to FASB Interpretations in that they establish enforceable standards under the AICPA's Code of Professional Ethics. are not expected to have a significant impact on financial reporting in general and provide guidance when it does not conflict with any broad fundamental accounting principle. are issued monthly by the FASB to deal with current topics. Question $7(2$ points$)$ What is the relationship between the Securities and Exchange Commission and the accounting standard setting in the United States? Question $7$ options: The SEC reviews financial statements for compliance. The SEC requires all companies listed on an exchange to submit their financial statements to the SEC. The SEC has a mandate to establish accounting standards for enterprises under its jurisdiction. The SEC coordinates with the AICPA in establishing accounting standards. Question $8(2$ points$)$ Companies that are listed on a stock exchange are required to submit their financial statements to the: Question $8$ options: SEC. FASB. APB. AICPA. Question $9(2$ points$)$ Which of the following is true of the Financial Accounting Standards Board? Question $9$ options: The members of the FASB are appointed by the Financial Accounting Foundation. It was the forerunner of the current Accounting Principles Board. It is the arm of the Securities and Exchange Commission responsible for setting financial accounting standards. It has issued a series of pronouncements entitled Auditing Standards Updates. Question $10(2$ points$)$ Which organization was responsible for issuing Accounting Research Bulletins? Question $10$ options: The SEC. The FASB. The Committee on Accounting Procedure. The Accounting Principles Board. Question $11(2$ points$)$ The most significant current source of generally accepted accounting principles is the: Question $11$ options: SEC. FASB. APB. AICPA. Question $12(2$ points$)$ What is the purpose of a FASB Staff Position? Question $12$ options: Provide interpretive guidance. Provide interpretation of existing standards. Provide timely guidance on select issues. Provide a consensus on how to account for new and unusual financial transactions. Question $13(2$ points$)$ What is meant by comparability when discussing financial accounting information? Question $13$ options: Information that is measured and reported in a similar fashion across companies. Information is timely. Information is reasonably free from error. Information has predictive or confirmatory value. Question $14(2$ points$)$ The two fundamental qualities that make accounting information useful for decision$-$making are: Question $14$ options: relevance and faithful representation. materiality and neutrality. faithful representation and comparability. comparability and timeliness. Question $15(2$ points$)$ The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the same measurement methods is: Question $15$ options: verifiability. relevance. neutrality. faithful representation.