Multiple Choice
Identify the
choice that best completes the statement or answers the question.
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1.
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Which of the following statements is false? The FASB Accounting
Standards Codification
a. | is the single source of authoritative U.S. accounting standards | b. | does not change
generally accepted accounting standards | c. | introduces a new topically organized
structure | d. | includes several levels of authoritative and non authoritative
literature |
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2.
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The cross reference report available in the codification:
a. | provides access to any of the original standards used to create the
codification. | b. | helps identify where that content is used within the
codification. | c. | both (a) and (b). | d. | neither (a) nor
(b). |
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3.
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The Codification supercedes
a. | all of the non SEC content used to populate the Codification | b. | all of the SEC
content used to populate the Codification | c. | Both non SEC and SEC content used to populate
the Codification | d. | the codification does not supercede any existing
GAAP. |
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4.
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Which of the following is the appropriate order of the Codification
structure?
a. | Section, Subsection, Topic, Subtopic | b. | Section, Topic, Subsection,
Subtopic | c. | Topic, Section, Subsection, Subtopic | d. | Topic, Subtopic, Section,
Subsection |
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5.
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As of July 1, 2009, the Codification contained the following literature issued
by various standard setters, except for:
a. | Financial Accounting Standards Board Technical Bulletins | b. | Accounting Research
Bulletins | c. | Accounting Research Studies | d. | Emerging Issues Task Force
Abstracts |
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6.
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The goal of the Codification was to capture and codify which of the following
out of existing standards as of July 1, 2009?
a. | the essential standards and implementation guidance | b. | historical
content | c. | discussions of previous practice | d. | both (a) and
(c) |
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7.
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The Codification includes guidance for which of the following non-GAAP
matters:
a. | Other Comprehensive Basis of Accounting (OCBOA) | b. | Regulatory
Accounting Principles (RAP). | c. | Cash Basis | d. | the Codfication does
not include guidance for non-GAAP matters |
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8.
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In order to provide for consistency, which of the following terms was chosen to
replace all previous uses of comparable terms?
a. | organization | b. | firm | c. | company | d. | entity |
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9.
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The results of the ongoing standard-setting activity conducted by the FASB
will
a. | result in new FASB Standards being issued. | b. | be in the form of
Accounting Standards Updates. | c. | be authoratative in nature | d. | not be subjected to
the due process procedure the FASB. |
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10.
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Which of the following are among the goals of the FASB Codification?
1.
Simplify user access to all authoritative U.S. GAAP
2. Clarify that guidance not contained in the
Codification is not Authoritative
a. | No. 1 | b. | No. 2 | c. | Both No. 1 and No.
2 | d. | Neither No. 1 nor No. 2 |
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