Intermediate Accounting 8th Edition By David Spiceland James Sepe Mark Nelson (Copy) – Test Bank

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Test Bank For Intermediate Accounting 8th Edition By David Spiceland James Sepe Mark Nelson

Chapter 01: Setting and Theoretical Construction of Monetary Accounting

Test your knowledge with these True/False questions:

1. The first function of monetary accounting is to provide relevant financial information to parties outside of business enterprises.
True    False

2. Accrual accounting attempts to measure revenues and expenses that occurred during accounting periods so that they equal net operating cash flow.
True    False

3. The FASB is currently the public-sector organization responsible for setting accounting standards in the USA.
True    False

4. The FASB’s due process invites various parties to express their opinions about whether financial accounting standards should be changed.
True    False

5. Accounting for stock-based compensation is an area in which the FASB has received little political interference.
True    False

6. The Public Reform and Investor Protection Act of 2002 (Sarbanes-Oxley) changed the entity responsible for setting auditing standards in the USA.
True    False

7. A rules-based approach to standard-setting stresses professional judgment versus following a list of rules.
True    False

8. Under federal securities laws, the SEC has the authority to set accounting standards in the USA.
True    False

9. The primary responsibility for correctly applying GAAP when communicating with investors and creditors through financial statements lies with a firm’s auditors.
True    False

10. Auditors play an important role in the resource allocation process by adding credibility to financial statements.
True    False

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