All Related Questions of Financial Accounting Standards Board

Q: The Financial Accounting Standards Board (FASB) has developed a conceptual

The Financial Accounting Standards Board (FASB) has developed a conceptual framework for financial accounting and reporting. The FASB has issued eight Statements of Financial Accounting Concepts. Thes...

Q: In what ways was it felt that the pronouncements issued by the

In what ways was it felt that the pronouncements issued by the Financial Accounting Standards Board would carry greater weight than the opinions issued by the Accounting Principles Board?

Q: Karen Sepan, a recent graduate of the local state university,

Karen Sepan, a recent graduate of the local state university, is presently employed by a large manufacturing company. She has been asked by Jose Martinez, controller, to prepare the company’s re...

Q: A press release announcing the appointment of the trustees of the new

A press release announcing the appointment of the trustees of the new Financial Accounting Foundation stated that the Financial Accounting Standards Board (to be appointed by the trustees) “. ....

Q: The U.S. Securities and Exchange Commission (SEC)

The U.S. Securities and Exchange Commission (SEC) were created in 1934 and consist of five commissioners and a large professional staff. The SEC professional staff is organized into five divisions and...

Q: The following two items appeared on the Internet concerning the GAAP requirement

The following two items appeared on the Internet concerning the GAAP requirement to expense stock options. WASHINGTON, D.C.—February 17, 2005 Congressman David Dreier (R–CA), Chairman o...

Q: The following article appeared in the Wall Street Journal. Washington—

The following article appeared in the Wall Street Journal. Washington—The Securities and Exchange Commission staff issued guidelines for companies grappling with the problem of dividing up their busin...

Q: The following two items appeared on the Internet concerning the GAAP requirement

The following two items appeared on the Internet concerning the GAAP requirement to expense stock options. WASHINGTON, D.C.—February 17, 2005 Congressman David Dreier (R–CA), Chairman of the House Rul...

Q: Choose the best answer. 1. The organization assigned primary

Choose the best answer. 1. The organization assigned primary responsibility for establishing accounting and financial reporting standards for health care organizations is the: a. American Institute of...

Q: The chairman of the Financial Accounting Standards Board (FASB) at

The chairman of the Financial Accounting Standards Board (FASB) at one time noted that “the flow of standards can only be slowed if (1) producers focus less on quarterly earnings per share and tax ben...

Q: Statements of Financial Accounting Concepts set forth financial accounting and reporting objectives

Statements of Financial Accounting Concepts set forth financial accounting and reporting objectives and fundamentals that will be used by the Financial Accounting Standards Board in developing standar...

Q: The Financial Accounting Standards Board issued accounting guidance to clarify accounting methods

The Financial Accounting Standards Board issued accounting guidance to clarify accounting methods and procedures with respect to certain debt and all equity securities. An important part of the statem...

Q: The following two items appeared on the Internet concerning the GAAP requirement

The following two items appeared on the Internet concerning the GAAP requirement to expense stock options. WASHINGTON, D.C.—February 17, 2005 Congressman David Dreier (R–CA), Chairman of the House Rul...

Q: Statements of Financial Accounting Concepts set forth financial accounting and reporting objectives

Statements of Financial Accounting Concepts set forth financial accounting and reporting objectives and fundamentals that will be used by the Financial Accounting Standards Board in developing standar...

Q: Sir David Tweedie, chairman of the International Accounting Standards Board,

Sir David Tweedie, chairman of the International Accounting Standards Board, is quoted as saying that the IASB and the FASB will eventually merge. “U.S. standards and ours will become so close that it...

Q: Exhibit 8-2 presents the Web site addresses of national accountancy

Exhibit 8-2 presents the Web site addresses of national accountancy organizations, many of which are involved in international accounting standard-setting and convergence activities. Required: Sel...

Q: Recent U.S. accounting scandals, such as Enron and

Recent U.S. accounting scandals, such as Enron and WorldCom, have caused some to question whether current U.S. generally accepted accounting principles (GAAP) are really protecting investors. Critics,...

Q: What is the role of the Financial Accounting Standards Board (FASB

What is the role of the Financial Accounting Standards Board (FASB)?

Q: The majority of Generally Accepted Accounting Principles (GAAP) are created

The majority of Generally Accepted Accounting Principles (GAAP) are created by the a. Institute of Management Accountants (IMA). b. Securities and Exchange Commission (SEC). c. American Institute of C...

Q: The Financial Accounting Standards Board and the International Accounting Standards Board have

The Financial Accounting Standards Board and the International Accounting Standards Board have identified the goal of comparability of financial statements as one toward which all companies should str...

Q: The U.S. Securities and Exchange Commission (SEC)

The U.S. Securities and Exchange Commission (SEC) was created in 1934 and consists of five commissioners and a large professional staff. The SEC professional staff is organized into five divisions and...

Q: The Financial Accounting Standards Board (FASB) has developed a conceptual

The Financial Accounting Standards Board (FASB) has developed a conceptual framework for financial accounting and reporting. The FASB has issued eight Statements of Financial Accounting Concepts. Thes...

Q: Some accountants have said that politicalization in the development and acceptance

Some accountants have said that politicalization in the development and acceptance of generally accepted accounting principles (i.e., standard setting) is taking place. Some use the term politicaliza...

Q: Furyk Co. is in the process of developing a revolutionary new

Furyk Co. is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this new product. As of year-end (December 31, 2017)...

Q: The Financial Accounting Standards Board (FASB) is a private organization

The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a “St...

Q: Presented below are a number of accounting organizations and types of documents

Presented below are a number of accounting organizations and types of documents they have issued. Instructions Match the appropriate document to the organization involved. Note that more than one doc...

Q: In 1973, the responsibility for developing and issuing rules on accounting

In 1973, the responsibility for developing and issuing rules on accounting practices was given to the Financial Accounting Foundation and, in particular, to an arm of the foundation called the Financi...

Q: In what ways was it felt that the statements issued by the

In what ways was it felt that the statements issued by the Financial Accounting Standards Board would carry greater weight than the opinions issued by the Accounting Principles Board?

Q: Johnson Co. accepts a note receivable from a customer in exchange

Johnson Co. accepts a note receivable from a customer in exchange for some damaged inventory. The note requires the customer make semiannual installments of $50,000 each for 10 years. The first instal...

Q: Cuevas Co. is in the process of developing a revolutionary new

Cuevas Co. is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this new product. As of year-end (December 31, 2012...

Q: The development of accounting theory and practice has been influenced directly and

The development of accounting theory and practice has been influenced directly and indirectly by many organizations and institutions. Two of the most important institutions have been the Financial Acc...

Q: Match the items in the left-hand column with the descriptions

Match the items in the left-hand column with the descriptions/explanations in the right-hand column.

Q: Choose the best answer. 1. Budgets of government entities

Choose the best answer. 1. Budgets of government entities: a. Are integrated with the financial accounting system. b. Enable governments to demonstrate compliance with laws and to communicate performa...

Q: The Financial Accounting Standards Board (FASB) is a private organization

The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a “St...

Q: Select the best answer for each of the following multiple-choice

Select the best answer for each of the following multiple-choice questions. (Nos. 3 and 7 are AICPA adapted.) 1. What is the underlying reason a governmental unit uses separate funds to account for it...

Q: The Financial Accounting Standards Board requires companies to supplement their consolidated financial

The Financial Accounting Standards Board requires companies to supplement their consolidated financial statements with disclosures about segments of their businesses. To comply with this standard, the...

Q: The Financial Accounting Standards Board requires companies to supplement their consolidated financial

The Financial Accounting Standards Board requires companies to supplement their consolidated financial statements with disclosures about segments of their businesses. To comply with this standard, the...

Q: [A] Aon Corporation’s Mezzanine Preferred Stock In its 2002 annual

[A] Aon Corporation’s Mezzanine Preferred Stock In its 2002 annual report to shareholders, Aon Corporation described its mandatorily redeemable preferred stock as follows: In January...

Q: What is the role of the following participants in the financial reporting

What is the role of the following participants in the financial reporting process: the U.S. Securities and Exchange Commission (SEC); the Financial Accounting Standards Board (FASB); the International...

Q: The Financial Accounting Standards Board (FASB) is a private organization

The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a “St...

Q: When the Financial Accounting Standards Board issues new standards, the required

When the Financial Accounting Standards Board issues new standards, the required implementation date is usually 12 months or more from the date of issuance, with early implementation encouraged. Richa...

Q: In Statement of Financial Accounting Standards No. 95, the Financial

In Statement of Financial Accounting Standards No. 95, the Financial Accounting Standards Board (FASB) recommended but did not require that companies use the direct method. In Appendix B, Paragraphs 1...

Q: Johnson Co. accepts a note receivable from a customer in exchange

Johnson Co. accepts a note receivable from a customer in exchange for some damaged inventory. The note requires the customer make semiannual installments of $50,000 each for 10 years. The first instal...

Q: Some accountants have said that politicization in the development and acceptance of

Some accountants have said that politicization in the development and acceptance of generally accepted accounting principles (i.e., rule-making) is taking place. Some use the term “politicization” in...

Q: Cuevas Co. is in the process of developing a revolutionary new

Cuevas Co. is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this new product. As of year-end (December 31, 2017...

Q: The following article appeared in the Wall Street Journal. Washington—

The following article appeared in the Wall Street Journal. Washington—The Securities and Exchange Commission staff issued guidelines for companies grappling with the problem of dividing up their busin...

Q: What is the Financial Accounting Standards Board (FASB), and what

What is the Financial Accounting Standards Board (FASB), and what is its role in external financial reporting?

Q: The Internet is a good place to get information that is useful

The Internet is a good place to get information that is useful to you in your study of accounting. For example, you can find information about accounting firms, standard setters, and regulators. Inst...

Q: Match the organizations on the left with the functions on the right

Match the organizations on the left with the functions on the right. Each function should be used only once.

Q: Auditors should be familiar with available professional literature from a variety of

Auditors should be familiar with available professional literature from a variety of sources. Listed next are 11 publications in the fields of auditing and accounting. 1. Statements on Auditing Standa...

Q: For each of the situations listed, identify which of three principles

For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all persons...

Q: Describe the steps followed by the Financial Accounting Standards Board when developing

Describe the steps followed by the Financial Accounting Standards Board when developing an accounting standard.

Q: Bradbury and Harrison (2015) study dissenting opinions in Financial Accounting

Bradbury and Harrison (2015) study dissenting opinions in Financial Accounting Standards Board (FASB) standards. What changes, if any, do these opinions suggest need to be made in the conceptual frame...

Q: Avenet Inc., a U.S. company, is a

Avenet Inc., a U.S. company, is a global provider of electronic parts, enterprise computing and storage products, and supply chain and logistics services for the electronic components industry. The co...

Q: The purpose of this case is to introduce you to the information

The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB). Required: Access the FASB home page on the Internet. The we...

Q: The purpose of this research case is to introduce you to the

The purpose of this research case is to introduce you to the Internet home pages of the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB). Required: 1. Acces...

Q: The purpose of this case is to introduce you to the information

The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB). Required: Access the FASB home page on the Internet. The w...

Q: Go to the website of the Financial Accounting Standards Board (www

Go to the website of the Financial Accounting Standards Board (www.fasb.org). Identify the most recently issued financial reporting standard and summarize briefly (in one paragraph) its principal prov...

Q: Numerous firms, including computer and communication companies, sell products that

Numerous firms, including computer and communication companies, sell products that have multiple deliverables. For example, a telephone company may sell a customer a phone and a two-year unlimited lon...

Q: You couldn’t be more excited about being on your first financial statement

You couldn’t be more excited about being on your first financial statement audit as you launch into your new professional accounting career. Having recently graduated with a Master of Accountancy degr...

Q: It was 9:30 A.M. on a Monday

It was 9:30 A.M. on a Monday morning when the call came through. “Hi Dr. Mitchell, do you have a minute?” “Sure,” the professor replied. “I am one of your former students, but if you don’t mind, I wou...