Understanding Accounting Standards and Ethics: Quick Check Guide
School
University of Phoenix**We aren't endorsed by this school
Course
ACC 290T
Subject
Accounting
Date
Dec 10, 2024
Pages
4
Uploaded by ProfKouprey15785
Wk 1 – Practice: Topic 3: The Environment in Which Accounting Operates Quick CheckPoints: 20Your Submission:Graded on Dec 10 at 13:07Submission Score20 / 20 (100.00%)Submit TimeDec 10 at 13:07Grade TimeDec 10 at 13:071.Which of the following is true of the Financial Accounting Standards Board (FASB)?oIt seeks consistency for its proposed standards.oIts members serve on the FASB on a part-time basis.oIt is a government agency.oIt has legal power to enforce the standards it sets.FEEDBACK2 / 2 (100.0%)2.Generally accepted accounting principles are:oNatural lawsoBased on scientific proofsoDeveloped by accounting rule makersoNone of these are correctFEEDBACK2 / 2 (100.0%)3.The initials GAAP stand for:
oGenerally Applied Accounting ProceduresoGenerally Accepted Accounting PrinciplesoGenerally Accepted Accounting PracticesoGeneral Accounting Administration PracticesFEEDBACK2 / 2 (100.0%)4.The current standard-setting board for accounting in the private sector is the:oInternational Accounting Standards Board (IASB)oAmerican Accounting Association (AAA)oFinancial Accounting Standards Board (FASB)oSecurities and Exchange Commission (SEC)FEEDBACK2 / 2 (100.0%)5.Which of the following organizations has specificlegalauthority to establish accounting standards for publicly held companies?oFinancial Accounting Standards Board (FASB)oAmerican Institute of Certified Public Accountants (AICPA)oInternal Revenue Service (IRS)oSecurities and Exchange Commission (SEC)FEEDBACK2 / 2 (100.0%)6.The initials CPA stand for:oCertified Professional AccountantoCertified Public AccountantoCertified Professional AppraiseroCertified Public AuditorFEEDBACK2 / 2 (100.0%)
7.Which of the following is the government agency that stipulates the rules and regulations that govern the collection of taxes in the United States?oInternal Revenue ServiceoAmerican Institute of Certified Public AccountantsoSecurities and Exchange CommissionoFederal Accounting Standards BoardFEEDBACK2 / 2 (100.0%)8.8. Which of the following is the professional organization of certified public accountants in the United States?oFederal Accounting Standards BoardoInternal Revenue ServiceoSecurities and Exchange CommissionoAmerican Institute of Certified Public AccountantsFEEDBACK2 / 2 (100.0%)9.In 2008, the SEC began to:oAllow non-U.S. companies trading on the U.S. stock exchange to issue their financial reports using IASB standardsoAllow U.S. companies trading on the U.S. stock exchange to issue their financial reports using IASB standardsoRequire non-U.S. companies trading on the U.S. stock exchange to issue their financial reports using IASB standardsoRequire U.S. companies trading on the U.S. stock exchange to issue their financial reports using IASB standardsFEEDBACK2 / 2 (100.0%)
10.Ethics are especially important in accounting because:oAccountants can steal money more easily than other employeesoAccountants have historically committed more company thefts than other employeesoIndependent accountants represent the public interestoThe accounting profession does not have a code of professional conductFEEDBACK2 / 2 (100.0%)