Kaplan University AC 499 Quiz 6 (Graded)

| July 29, 2018

Grade Details – All Questions 1. Question : According to the FASB’s conceptual framework, which of the following relates to both relevance and reliability? Consistency Verifiability Student Answer: Yes Yes Yes No No Yes No No 2. Question : Which of the following is true? Student Answer: Form 10-K is required under the FASB Conceptual Framework. Form 10-Q is a quarterly report of significant events required by the SEC. Form 8-K is a quarterly report of significant events required by the SEC. Form 8-K is the annual report submitted by small businesses to the SEC. 3. Question : The __________ of a firm is primarily responsible for the preparation of financial statements in accordance with GAAP. Student Answer: the internal auditors. management. the external auditors. the board of directors. 4. Question : The normal order followed by the FASB in publishing its standards is Student Answer: statement, discussion memorandum, opinion. discussion memorandum, interpretation, exposure draft, statement. exposure draft, discussion memorandum, statement. discussion memorandum, exposure draft, statement. 5. Question : A conceptual framework of accounting should Student Answer: lead to uniformity of financial statements among companies within the same industry. eliminate alternative accounting principles and methods. guide the AICPA in developing generally accepted auditing standards. define the basic objectives, terms, and concepts of accounting. 6. Question : The responsibility of the Emerging Issues Task Force (EITF) is to Student Answer: issue statements which reflect a consensus of the EITF on how to account for new financial reporting issues where guidance is needed quickly. do research on financial reporting issues that are being addressed by the AICPA. respond to groups lobbying the FASB on issues that affect a particular industry. develop concept statements the AICPA can use as a frame of reference to solve future problems. 7. Question : A major difference between the Financial Accounting Standards Board (FASB) and its predecessor, the Accounting Principles Board (APB), is Student Answer: all members of the FASB serve full time, are paid a salary, and are independent of any public or private enterprises. over 50 percent of the members of the FASB are required to be Certified Public Accountants. the FASB issues exposure drafts of proposed standards. all members of the FASB possess experience in both public and corporate accounting. 8. Question : Documents issued by the FASB include all of the following except Student Answer: Statements of Financial Accounting Standards. Interpretations of Statements of Financial Accounting Standards. Statements of Financial Accounting Concepts. Financial Reporting Releases. 9. Question : Primary responsibility for GAAP and public reporting currently rests with the Student Answer: SEC. FASB. Congress. AICPA. 10. Question : In an effort to improve the conceptual framework, the FASB, in conjunction with the IASB has been moving towards more __________ standards. Student Answer: rules approach principles approach broad approach international approach

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