Chapter 1

A  Reorganize all relevant accounting pronouncements in U.S. GAAP.

B  Integrate international standards with U.S. accounting standards.

C  Issue new accounting pronouncements.

A  standards

B  measures

C  controls

A  True

B  False

A  identify asset and liability values, assume the entity follows proper GAAP standards, and identify the entity being reported on

B  assume the entity will continue to exist, identify the denomination in which reporting occurs, identify the frequency of reporting, and identify the entity being reported on

C  identify asset and liability values, assume the entity will continue to exist, and assume the entity follows proper GAAP standards

A  To lower the cost of capital on global markets

B  To develop high quality global standards

C  To control the global standard setting process

A  the item has relevant attributes that are measurable, the item can be valued at fair value, the item can be matched with associated revenues

B  the item can be valued at fair value, the item can be matched with associated revenues, the information about the item is relevant to decision making.

C  the information about the item is reliable, the information about the item is relevant to decision making, the item has relevant attributes that are measurable, the item meets the definition of an element.

A  company visits and written comments

B  deliberations and company visits

C  open hearings, deliberations, and written comments

A  monetary unit, cost-effectiveness, fair value

B  cost-effectiveness, fair value, conservatism

C  economic entity, periodicity, going concern

A  inflation adjusted and timing

B  timing, uncertainty, amount

C  amount, inflation adjusted and timing

A  To lower the cost of capital on global markets

B  To develop high quality global standards used to make economic decisions

C  To control the international standard setting process

A  Reliability, Persistence, Quality, Measurability

B  Persistence, Quality, Relevance, Definition

C  Definition, Reliability, Relevance, Measurability

A  economic transactions that standards will address, effect on the financial position of constituents

B  economic transactions that standards will address, concerns and opinions of constituents

C  effect on the financial position of constituents, concerns and opinions of constituents

A  neutrality, full disclosure, and revenue recognition

B  going concern, economic entity, periodicity, and monetary unit

C  economic entity, full disclosure, and revenue recognition

D  neutrality, full disclosure, and monetary unit

A  employees

B  management

C  providers of capital

D  capital market regulators

A  accrual based, understandable

B  enforceable, high-quality, understandable

C  accrual based, market driven

D  accrual based, market driven, enforceable