Accounting Omework Answers

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The financial statements most frequently provided include all of the following except the

statement of retained earnings.**

Which of the following statements is not an objective of financial reporting?

Provide information on the liquidation value of an enterprise.**

Accounting principles are "generally accepted" only when

an authoritative accounting rule-making body has established it in an official pronouncement.

it has been accepted as appropriate because of its universal application.

both a and b.**

Generally accepted accounting principles

include detailed practices and procedures as well as broad guidelines of general application.

are influenced by pronouncements of the SEC and IRS.

change over time as the nature of the business environment changes.

All of these.**

Financial accounting standard-setting in the United States

can be described as a social process which reflects political actions of various interested user groups as well as a product of research and logic.**

What group or organization governs the ethical issues in financial accounting?

The Financial Accounting Standards Board – the FASB.**

The information provided by financial reporting pertains to

individual business enterprises, rather than to industries or an economy as a whole or to members of society as consumers.**

Accrual accounting is used because

it provides a better indication of ability to generate cash flows than the cash basis.**

The purpose of the International Accounting Standards Board is to

promote uniform accounting standards among countries of the world.**

From the four statements that follow, which grouping is true?

Technical competence is not enough when encountering ethical decisions. The pressures "to bend the rules," "to play the game," "to just ignore it" can be considerable. Time, job, client, personal, and peer...
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