Acct.550 Week 1 Essay Example

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CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple-choice questions.
1. GAAP stands for:
(d) generally accepted accounting principles.
2. Accounting standard-setters use the following process in establishing accounting standards:
(d) Research, discussion paper, exposure draft, standard.
3. GAAP is comprised of:
(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 standard or interpretation related to the reporting issues under consideration.
5. The objective of financial reporting places most emphasis on:
(a) reporting to capital providers.
6. General-purpose financial statements are prepared primarily for:
(b) external users.
7. Economic consequences of accounting standard-setting means:
(d) accounting standards can have detrimental impacts on the wealth levels of the providers of financial information.
8. The expectations gap is:
(d) what the users of financial statements want from the government and what is provided. E2-5 (Elements of Financial Statements) Ten interrelated elements that are most directly related to measuring the performance and financial status of an enterprise are provided below.
Assets
Distributions to owners
Expenses
Liabilities
Comprehensive income
Gains
Equity
Revenues
Losses
Investments by owners

Instructions
Identify the element or elements associated with the 12 items below.
(a) Arises from peripheral or incidental transactions. Gains/Losses
(b) Obligation to transfer resources arising from a past transaction. Liabilities
(c) Increases ownership interest. Investment by Owners Comprehensive Income
(d) Declares and pays cash dividends to owners. Distribution to Owners
(e) Increases in net assets in a period from nonowner sources. Comprehensive Income
(f) Items characterized by service potential or future economic benefit. Assets
(g) Equals

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