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ACCT 301 INTERMEDIATE ACCOUNTING I EXAM 1 QUESTIONS WITH VERIFIED ANSWERS
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ACCT 301 INTERMEDIATE ACCOUNTING I EXAM 1 QUESTIONS WITH VERIFIED ANSWERS
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ACCT 301 INTERMEDIATE ACCOUNTINGI EXAM 1 QUESTIONS WITH VERIFIED
ANSWERS
Securities and Exchange Commission (SEC) - Answer-Direct result of the Great
Depression and Stock Market Crash. Regulates the publicly traded stock and bond
markets in the United States.
Financial Accounting Standards Board (FASB) - Answer-Major organization of the
standard setting structure for financial accounting. Purpose is to establish/improve
standards of financial accounting and reporting for the guidance and education of the
public, including issuers, auditors, and users of financial information.
International Accounting Standards Board (IASB) - Answer-Organization that sets
accounting standards accepted for international use. Many of these international
standards are similar to GAAP.
Generally Accepted Accounting Principles (GAAP) - Answer-A collection of commonly
followed accounting rules and standards for financial reporting.
Internal Revenue Service (IRS) - Answer-Purpose is to collect money in the form of
taxes for the government.
American Institute of Certified Public Accountants (AICPA) - Answer-Trade guild.
Various committees and boards have been an important contributor to GAAP, CPA
exam.
International Financial Reporting Standards (IFRS) - Answer-Principle based, used
globally. All accounting rules accepted for international use, issued by the IASB.
Economic Entity Assumption - Answer-A company keeps its activity separate and
distinct from its owners and any other business unit.
Going Concern Assumption - Answer-Most accounting methods rely on the assumption
that the company will have a long life.
Monetary Value Assumption - Answer-Means that money is the common denominator
of economic activity and provides an appropriate basis for accounting
measurement/analysis.
Periodicity Assumption - Answer-Users need to know a company's performance and
economic status on a timely basis so that they can evaluate and compare firms, and
take appropriate actions. This assumption implies that a company can divide its
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