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Intermediate Test 1 Multiple Choice 2024 with 100% Correct Answers| Graded A+
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Intermediate Test 1 Multiple Choice 2024 with 100% Correct Answers| Graded A+
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Intermediate Test 1 Multiple Choice 2024with 100% Correct Answers| Graded A+
The major distinction between the Financial Accounting Standards Board (FASB) and its
predecessor, the Accounting Principles Board (APB), is
a. the FASB issues exposure drafts of proposed standards
b. all members of the FASB possess extensive experience in financial reporting
c. all members of the FASB are fully remunerated, serve full time, and are independent of any
companies or institutions
d. a majority of the members of the FASB are CPAs who are drawn from public practice -
✔✔c. all members of the FASB are fully remunerated, serve full time, and are independent of
any companies or institutions
The American Institute of Certified Public Accountants (AICPA) continues to be involved in all
of the following expect
a. developing auditing standards for public companies
b. developing and enforcing
c. grading the CPA exam
,d. providing professional education programs - ✔✔a. developing auditing standards for
public companies
Which of the following pronouncements were issued by the Accounting Principles Board?
a. APB statements of position
b. accounting research bulletins
c. statements of financial accounting concepts
d. APB Opinions - ✔✔d. APB Opinions
A soundly developed conceptual framework of concepts and objectives should
a. increase financial statements users' understanding of and confidence in financial
reporting b. enhance comparability among companies' financial statements
c. allow new and emerging practical problems to be more quickly solved
d. all of these answer choices are correct - ✔✔d. all of these answer choices are correct
The underlying theme of the conceptual framework is
a. comparability
b. decision usefulness
c. faithful representation
d. understandability - ✔✔b. decision usefulness
If the LIFO inventory method was used last period, it should be used for the current
and following periods because of
, a. verifiably
b. consistency
c. materiality
d. timeliness - ✔✔b. consistency
Which of the following is a characteristic describing the fundamental quality of relevance?
a. understandability
b. predictive value
c. neutrality
d. verifiability - ✔✔b. predictive value
Which of the following is a fundamental quality of useful accounting information?
a. relevance
b. materiality
c. comparability
d. neutrality - ✔✔a. relevance
Which of the following is a fundamental quality of useful accounting information?
a. comparability
b. faithful representation
c. conservatism
d. consistency - ✔✔b. faithful representation
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