Strayer ACC 563 Week 5 Midterm Answers (2018)
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1. Which of the following was not a criticism of the development of accounting standards by the Accounting Principles Board?
2. What historical evidence of the business operations of the private estate of Apollonius was discovered early inthe20th century?
3. Which of the following companies was involved in an accounting failure that caused the public accounting firm Arthur Andersen to gout of business?
4. The mission of the International Accounting Standards Board (IASB) is to
5. Who has been given credit or developing the double-entry system of bookkeeping?
6. Under Statement of Financial Accounting Concepts No. 8, which of the following relates to both relevance and reliability?
7. Which of the following is not an approach to accounting theory as categorized by Statement on Accounting Theory and Theory Acceptance?
8. What is the objective of financial reporting?
9. Under Statement of Financial Accounting Concepts No. 8, the ability through consensus of measures to ensure that information represents what it purports to represent is an example of the concept of
10. Which of the following is not one of DR Scott's hierarchy of accounting postulates and principles?
11. Under IFRS
12. With respect to the IASB new conceptual framework project:
13. Under IFRS, the monetary unit assumption
14. Which of the following is not an environmental factor that could impact on the development of a country's accounting system?
15. Which of the following is not an effect of the IFRS for SMEs?
16. Which of the following outcomes of providing accounting information is an attempt to identify individual securities that are mispriced by reviewing all available financial information?
17. Which of the following research approaches is based on the concept of utility or usefulness?
18. Which of the following anomalies are related to particular time periods?
19. The efficient market hypothesis holds that that financial markets price assets at their intrinsic worth, given all available information. Which of the following forms of the efficient market hypothesis defines all available information as knowledge of past security prices?
20. The efficient market hypothesis holds that that financial markets price assets at their intrinsic worth, given all available information. Which of the following forms of the efficient market hypothesis defines all available information as information, including security price trends, publicly available information, and insider information?
21. The basic accounting concept that refers to the tendency of accountants to resolve uncertainty in favor of understating assets and revenues and overstating liabilities and expenses is known as
22. In the transactions approach to income determination, income is measured by subtracting the expenses resulting from specific transactions during the period from revenues of the period also resulting from transactions. Under a strict transactions approach to income measurement, which of the following would not be considered a transaction?
23. According to FASB ASC 606, the transaction price
24. One concept of income suggests that income be measured by determining the net change over time in the discounted present value of net cash flow expected to be received by the firm. Under this concept of income, which of the following, ignoring income taxes would not affect the amount of income for a period?
25. The principal disadvantage of using the percentage of completion method of recognizing revenue from long-term contracts is that it
26. A change in accounting principle requires that the cumulative effect of the change for prior periods be shown as an adjustment to:
27. An example of the correction of an error in previously issued financial statements is a change
28. A prior period adjustment is reported as:
29. The disposal of a significant component of a business is called
30. Earnings per share is computed as net income:
31. In preparing a statement of cash flows, which of the following transactions would be considered an investing activity?
32. A transaction that would appear as an application of funds on a conventional funds statement using the all-financial-resources concept, but not on a statement using the traditional working capital concept would be the
33. A basic objective of the statement of cash flows is to
34. Which of the following should theoretically be presented in a statement of changes in financial position only because of the all-financial-resources concept?
35. What is reported on the statement of cash flows?
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