This Intermediate Accounting Chapter 1 quiz assesses knowledge on soft assets, accounting standards transition from GAAP to iGAAP, roles of auditors, and components of shareholder's equity. It's designed for learners to understand external financial reporting and the expectations gap in accounting.
Government
Creditors
Investors
B and C
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External
Internal
Strictly governmental
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AICPA
SEC
FASB
Congress
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They can lose their value at anytime
An example is a patent
They are intangible
All of the above
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Retained earnings
AOCI (accumulate other comprehensive income)
Cash
Paid-in capital
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Exactly
Fairly
Not
Well
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All
Some
Relevant
Profitable
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Curb accidental accounting errors
Curb fraud
Curb paper waste
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The public and accountants
Accountants and the government
Accountants and the economy
The public and the government
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Staff position
Intrepretation
EITF
Fin acct concepts
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Timeliness
Providing non-financial information
Soft assets
Backward looking info
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2015
2016
2020
2030
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FASAC
FACS
FDD
SEC
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Stds. Interps Staff Pos
Fin Acct Concepts
EITF
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Committee on Accounting Procedure
Accounting Principles Board
The SEC
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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
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