Ac550- Week 1 Homework

AC550 Week 1 Homework Chapter 1- CA1-1, CA1-3 CA1-1 1. generally accepted method of accounting principles is the term utilisation to prognosticate the whole body of FASB authoritative literature. True 2. all comp whatever claiming form with GAAP must comply with to the highest degree receiveds and interpretations further does non open to follow the disclosure requirements. False- must comply with alone standards including disclosure requirements. 3. The primary goernmental body that has settle over the FASB is the SEC. True 4. The FASB has a government mandate and indeed does not have to follow due process in issuing a standard. False CA1-3 1. GAAP stands for: (a) governmental auditing and be practices. (b) gener ally accepted demonstrate principles. (c) government audit and take the stand policies. *(d) generally accepted invoice principles. 2. Accounting standard-setters use the next process in establish ing accounting standards: (a) Research, exposure draft, handling paper, standard. (b) reciprocation paper, research, exposure draft, standard. (c) Research, preliminary views, discussion paper, standard. *(d) Research, discussion paper, exposure draft, standard. 3. GAAP is comprised of: (a) FASB standards, interpretations, and concepts statements. (b) FASB financial standards.

(c) FASB standards, interpretations, EITF consensuses, and accounting rules issued by FASB predecessor organizations. *(d) any accounting guidance included in the FASB Codification. 4. The authoritative status of the conceptual framework is as follows. *(a) It is used when there is no stan dard or interpretation cogitate to the des! cribe issues under consideration. (b) It is not as authoritative as a standard but takes precedence over any interpretation related to the reporting issue. (c) It takes precedence over all other authoritative literature. (d) It has no authoritative status. 5. The objective of financial reporting places most accent mark on: *(a) reporting to capital...If you demand to get a liberal essay, order it on our website: OrderEssay.net

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