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Quiz 1Exam


Department
Accounting
Course Code
ACCT 3001
Professor
All

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Date:
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Quiz 1
1. _____General purpose financial statements are the product of
a. Both financial and managerial accounting
b. Financial accounting
c. Neither financial nor managerial accounting
d. Managerial accounting
2. ______Financial statements in the early 2000’s provide information related to
a. Nonfinancial measurements
b. Forward-looking data
c. Hard assets (inventory & plant assets)
d. None of these
3. _____Which of the following organizations has been responsible for setting U. S. accounting
standards?
a. Accounting Principles Board
b. Committee on Accounting Procedure
c. Financial Accounting Standards Board
d. All of the above
4. ______The passage of a new FASB Standards Statement requires the support of
a. Five Board members
b. Four Board members
c. All Board members
d. Three Board members
5. ______A soundly developed conceptual framework of concepts and objectives should
a. Increase financial statement users’ understanding of and confidence in financial
reporting
b. Enhance comparability among companiesfinancial statements
c. Allow new and emerging practical problems to be more quickly solved
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