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What is one of the primary purposes of the International Accounting Standards Board (IASB)?

A.

To develop a single set of high quality and enforceable global accounting standards

B.

To align US standards and International Accounting Standards Board (IASB) standards

C.

To appoint Standards Advisory Council (SAC) members

D.

To monitor International Accounting Standards Board (IASB) effectiveness

Employee benefits that are payable after the completion of employment are considered what kind of benefits?

A.

Short-term benefits

B.

Post-employment benefits

C.

Termination benefits

D.

Long-term benefits

What are the changes in the present value of the defined benefits obligation that result from experience adjustments or the effects of changes in actuarial assumptions called?

A.

Net interest on the net defined benefit liability (asset)

B.

Time value of money

C.

Current service cost

D.

Actuarial gains and losses

The concept that numbers and descriptions must match what really existed or happened is represented by which fundamental qualitative characteristic?

A.

Predictive value

B.

Complete

C.

Faithful representation

D.

Relevance

Which of the following is a disadvantage of reporting assets at historical cost?

A.

Historical cost is not objective

B.

Historical cost is not particularly relevant to most readers

C.

Historical cost is subject interpretation, and therefore to bias

D.

Historical cost is not verifiable

One of the reasons preparers use the conceptual framework is to:

A.

Develop accounting policies in the absence of specific standards

B.

Document a historical record of all judgments

C.

Develop alternate interpretations of specific standards

D.

Encourage change to standards as Board members change

What are the main equity categories in a statement of stockholders’ equity?

A.

Retained earnings and treasury stock

B.

Investing activities and financing activities

C.

Operating revenues and noncurrent assets

D.

Revenue items and owners’ equity

The following requirements are characteristic of which term below? Must be reported on the balance sheet; must be owned or controlled by the company; and must possess expected future benefits.

A.

Assets

B.

Owners’ equity

C.

Contributed capital

D.

Liabilities

Which body has the sole responsibility for setting standards?

A.

Standards Advisory Council (SAC)

B.

International Accounting Standards Board (IASB)

C.

International Financial Reporting Interpretations Committee (IFRIC)

D.

Accounting Principles Board (APB)

Which of the following is true of liabilities?

A.

Current liabilities come due in less than a year

B.

Current liabilities come due in less than 18 months

C.

Noncurrent liabilities come due in less than a year

D.

Both current and noncurrent liabilities come due in less than a year