Financial Accounting Standards Board Codification Test! Trivia Quiz

10 Questions | By Navamaestro | Last updated: Sep 6, 2019 | Total Attempts: 458

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Financial Accounting Standards Board Codification Test! Trivia Quiz

Are you an accountant who is trying to see how well they understand the Financial Accounting Standards Board Codifications? In order to ensure that your records are not misstatement, you need to follow the guidelines put in place by both the local and international bodies. Take this test and get to see how qualified you are based on your knowledge.

Questions and Answers

1.

Based on your assigned reading (https://sites.google.com/site/thecodification/grading) for this class activity, respond to the following question: CODE-Q1 The codification was first published as of July 1, 2009. It is effective for interim or annual periods ending after:
- A.
  
  June 30, 2009
- B.
  
  July 1, 2009
- C.
  
  Sept 15, 2009
- D.
  
  Dec 31, 2009
2.

Based on your assigned reading (https://sites.google.com/site/thecodification/grading) for this class activity, respond to the following question: CODE-Q2 The Codification supersedes which levels of the previous accounting hierarchy:
- A.
  
  Level A
- B.
  
  Level B
- C.
  
  Level C
- D.
  
  Level D
- E.
  
  All Levels are superseded
3.

Based on your assigned reading (https://sites.google.com/site/thecodification/grading) for this class activity, respond to the following question: CODE-Q3 Which one is NOT one of the primary goals of the Codification
- A.
  
  Create a codification research system that is up to date for the released results of standard-setting activity.
- B.
  
  Simplify user access by codifying all authoritative US GAAP in one spot.
- C.
  
  Converge international accounting standards
- D.
  
  Ensure that the codified content accurately represented authoritative US GAAP as of July 1, 2009.
- E.
  
  None, ALL answers above are PRIMARY GOALS of the CODIFICATION
4.

Based on your assigned reading (https://sites.google.com/site/thecodification/grading) [Lesson 1, p.2] for this class activity, respond to the following question: CODE-Q4 Relevant portions of authoritative content issued by the SEC and selected SEC staff interpretations and administrative guidance have been included for reference in the Codification.
- A.
  
  True
- B.
  
  False
5.

Based on your assigned reading (https://sites.google.com/site/thecodification/grading) [Lesson 1, p.5] for this class activity, respond to the following question: CODE-Q5 The STRUCTURE of the CODIFICATION includes all the following, EXCEPT:
- A.
  
  Section
- B.
  
  Topic
- C.
  
  Sub-Topic
- D.
  
  Section
- E.
  
  Area
- F.
  
  Line
6.

Based on your assigned reading (https://sites.google.com/site/thecodification/grading) [Lesson 2, p.12] for this class activity, respond to the following question: CODE-Q6 Under the "Identifying Relevant Areas" section, the document provides the following "time-saving" tips, EXCEPT:
- A.
  
  The General Principles Area relates to broad conceptual matters.
- B.
  
  The Assets, Liabilities, and Equity Areas contain guidance about specific individual balance sheet accounts (e.g., cash, accounts payable, additional paid-in capital).
- C.
  
  The Broad Transactions Area contains guidance about to multiple financial statement accounts.
- D.
  
  The Revenue and Expenses Areas contain guidance about specific individual balance sheet accounts (e.g., sales revenue, employee compensation).
- E.
  
  The Industry Area contains guidance about to a specific industry or type of activity.
7.

Based on your assigned reading (https://sites.google.com/site/thecodification/grading) [Lesson 2, p.13] for this class activity, respond to the following question: CODE-Q7 The NUMBERING of the AREAS of the CODIFICATION includes all the following, EXCEPT:
- A.
  
  200's for PRESENTATION
- B.
  
  400's for LIABILITIES
- C.
  
  500's for EXPENSES
- D.
  
  600's for REVENUES
- E.
  
  800's for BROAD TRANSACTIONS
- F.
  
  ALL are included
8.

Based on your assigned reading (https://sites.google.com/site/thecodification/grading) [Lesson 3, p.23] for this class activity, respond to the following question: CODE-Q8 The Standardized Codification Sections include all the following (check all that apply):
- A.
  
  XXX-YY-30 Initial Measurement
- B.
  
  XXX-YY-05 Status
- C.
  
  XXX-YY-10 Objectives
- D.
  
  XXX-YY-50 Disclosure
9.

CODE-Q9 What AREA: TOPIC-SUBTOPIC-SECTION (XXX-YY-ZZ) relate to the following citation: ASC 605-10-25
- A.
  
  INCOME STATEMENT: Revenue Recognition - Overall - Recognition
- B.
  
  REVENUES: Revenue Recognition - Overall - Recognition
- C.
  
  REVENUES: Recognition - Overall - Revenue Recognition
- D.
  
  None of the above
10.

Based on your assigned reading (https://asc.fasb.org/precod) for this class activity, respond to the following question: CODE-Q0 Prior to The codification, GAAP was issued via several pronouncements, including the following (check all that apply):
- A.
  
  Statements of Financial Accounting Standards (SFAC)
- B.
  
  FASB Interpretations
- C.
  
  FASB Staff Position
- D.
  
  IASB Rulings