Chapter 1

A  Issue new accounting pronouncements.

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

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

A  controls

B  standards

C  measures

A  False

B  True

A  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

B  identify asset and liability values, assume the entity follows proper GAAP standards, 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 develop high quality global standards

B  To lower the cost of capital on global markets

C  To control the global standard setting process

A  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.

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

A  company visits and written comments

B  open hearings, deliberations, and written comments

C  deliberations and company visits

A  economic entity, periodicity, going concern

B  cost-effectiveness, fair value, conservatism

C  monetary unit, cost-effectiveness, fair value

A  timing, uncertainty, amount

B  inflation adjusted and timing

C  amount, inflation adjusted and timing

A  To control the international standard setting process

B  To lower the cost of capital on global markets

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

A  Reliability, Persistence, Quality, Measurability

B  Definition, Reliability, Relevance, Measurability

C  Persistence, Quality, Relevance, Definition

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

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

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

A  neutrality, full disclosure, and revenue recognition

B  neutrality, full disclosure, and monetary unit

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

D  economic entity, full disclosure, and revenue recognition

A  employees

B  management

C  capital market regulators

D  providers of capital

A  enforceable, high-quality, understandable

B  accrual based, market driven

C  accrual based, understandable

D  accrual based, market driven, enforceable