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Acct 550 Midterm

In: Business and Management

Submitted By cisprof
Words 2112
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1. | Question : | (TCO A) The Financial Accounting Standards Board employs a "due process" system, which | | | Student Answer: | | has all CPAs in the United States vote on a new statement. | | | | enables interested parties to express their views on issues under consideration. | | | | identifies the accounting issues that are the most important. | | | | requires that all accountants receive a copy of financial standards. | | Instructor Explanation: | General Feedback: Chapter 1 | | | | Points Received: | 5 of 5 | | Comments: | | | |

Question 2. | Question : | (TCO A) Under Sarbanes Oxley, the new law does not | | | Student Answer: | | require a national CPA license for all CPAs. | | | | establish an oversight board, called the Public Company Accounting Oversight Board, for accounting practices. | | | | require a company to maintain a system of internal controls. | | | | require codes of ethics for senior financial officers. | | Instructor Explanation: | General Feedback: Chapter 1 | | | | Points Received: | 5 of 5 | | Comments: | | | |

Question 3. | Question : | (TCO A) Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information? | | | Student Answer: | | Consistency | | | | Verifiability | | | | Timeliness | | | | Comparability | | Instructor Explanation: | General Feedback: Chapter 2, page 52 | | | | Points Received: | 5 of 5 | | Comments: | | | |

Question 4. | Question : | (TCO A) The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the same measurement methods is | | | Student Answer: | | relevance. | | | |…...

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