Saylor BUS103 Questions and Answers
What is the filing deadline for a Form 10-K for non-accelerated filers?
Select one:
a. 60 days after the end of the company's fiscal year
b. 30 days after the end of the company's fiscal year
c. 90 days after the end of the company's fiscal year
d. 75 days...
What is the filing deadline for a Form 10-K for non-accelerated filers?
Select one:
a. 60 days after the end of the company's fiscal year
b. 30 days after the end of the company's fiscal year
c. 90 days after the end of the company's fiscal year
d. 75 days after the end of the company's fiscal year c. 90 days after the end of the
company's fiscal year
In a principle based framework the different interpretations of a similar transaction could result
in:
Select one:
a. multiple financial statements
b. a financial statement audit
c. more exceptions than a rules-based system
d. extensive disclosures in the financial statements d. extensive disclosures in the financial
statements
, Saylor BUS103 Questions and Answers
When a business repeats the methods used previously to collect the data and transform it into
accounting information, this information can be identified as:
Select one:
a. relevant
b. reliable
c. redundant
d. consistent d. consistent
Which organization is responsible for developing generally accepted accounting principles?
Select one:
a. The GAAP group
b. The American Institute of Certified Public Accountants
c. The Financial Accounting Standards Board
d. The Securities and exchange Commission a. The GAAP group
Which of these is NOT an event that requires disclosure?
Select one:
a. a subsequent event
, Saylor BUS103 Questions and Answers
b. a prior period adjustment
c. a change in accounting principles
d. a change in management style d. a change in management style
Which one of these is NOT a basic objective of financial reporting?
Select one:
a. to provide information that helps investors/creditors make lending decisions about the
company
b. to provide information to investors regarding a company's liquidity/solvency
c. to provide information that helps the company make long-term decisions
d. to provide a comprehensive account of all company activity d. to provide a
comprehensive account of all company activity
Brian started a business and decided to incorporate it. He believed he had an outstanding
business idea and wanted to share it with the world. Brian turned out to be right; his idea made
him a wealthy man. Brian established this corporation and conducted business not as a small
business owner but as the leader of a business he felt could continue operating indefinitely.
Which accounting principle or objective best reflects this situation?
Select one:
, Saylor BUS103 Questions and Answers
a. Going concern assumption
b. Cost principle
c. Economic entity assumption
d. Matching principle a. Going concern assumption
According to the Full Disclosure Principle, what items require full disclosure?
Select one:
a. any inconsistent transactions on the balance sheet
b. any unusual transactions involving stockholder's equity
c. any transactions that take place after month end
d. any information important enough to influence an informed user d. any information
important enough to influence an informed user
The decision to disclose an event is based on?
Select one:
a. generally accepted accounting principles
b. the timing of the event
c. the voluntary principle
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