Intermediate Accounting Chapter 1
They can lose their value at anytime
An example is a patent
They are intangible
All of the above
2015
2016
2020
2030
Exactly
Fairly
Not
Well
External
Internal
Strictly governmental
Retained earnings
AOCI (accumulate other comprehensive income)
Cash
Paid-in capital
The public and accountants
Accountants and the government
Accountants and the economy
The public and the government
Timeliness
Providing non-financial information
Soft assets
Backward looking info
Establishment of the PACOB
CEOS and CFOs must hand sign statements
Companies must present financial information exactly
Auditors limit of 5 years
Statements must be prepared in a timely fashion
Board members must be independent and have financial expertise
AICPA
SEC
FASB
Congress
Stds. Interps Staff Pos
Fin Acct Concepts
EITF
Staff position
Intrepretation
EITF
Fin acct concepts
All
Some
Relevant
Profitable
Making decisions
Asthetics
Regulation
Curb accidental accounting errors
Curb fraud
Curb paper waste
FASAC
FACS
FDD
SEC
Government
Creditors
Investors
B and C
Committee on Accounting Procedure
Accounting Principles Board
The SEC