Saylor BUS103 Exam Questions With 100% Correct Answer

Saylor BUS103 Exam Questions With 100% Correct Answer The American Institute of Certified Public Accountants provides: Select one: a. ethical standards for the profession b. the grading and development of the Uniform CPA Examination c. all of these answers d. auditing standards for the audits of private companies and non-profit organizations - answerc. all of these 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 after the end of the company's fiscal year - answerc. 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 - answerd. extensive disclosures in the financial statements 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 - answerd. 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 - answera. The GAAP group Which of these is NOT an event that requires disclosure? Select one: a. a subsequent event b. a prior period adjustment c. a change in accounting principles d. a change in management style - answerd. 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 - answerd. 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: a. Going concern assumption b. Cost principle c. Economic entity assumption d. Matching principle - answera. 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 - answerd. 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 d. materiality - answerd. materiality Generally Accepted Accounting Principles Methodology relies on: Select one: a. literature focused research b. a conceptual framework c. thorough review of facts d. question and answer sessions - answera. literature focused research A Form 10-K gives a comprehensive summary of _____________. Select one: a. a company's materi