Int. Accounting (Ch. 1)

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Dbadams94
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308177
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Int. Accounting (Ch. 1)
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2015-09-20 05:24:12
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ACC
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ACC
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  1. Identification, measurement, and communication of financial information about economic entities to interested parties.
    Financial accounting
  2. What do the notes to the financial statements do?
    Add clarity and detail
  3. The objective of financial reporting is to provide information useful for...
    investing and lending decisions.
  4. The objective of general-purpose financial statements is to provide information at..., to a wide variety of... users.
    least cost, reasonably-informed
  5. 3 limitations of financial reporting. (EOL)
    • 1. Estimates
    • 2. Omits nonfinancial measurements/Soft assets
    • 3. Lack of timeliness
  6. Set of standards and procedures used to prepare financial statements.
    GAAP
  7. GAAP provides... and...
    comparability, consistency
  8. 4 sources of written GAAP. (SCAF)
    • 1. SEC
    • 2. Committee on Accounting Procedure
    • 3. Accounting Principles Board
    • 4. FASB
  9. The... has the ultimate authority over financial reporting for all public companies based on the Securities Act of 1934.
    SEC
  10. The SEC has the ultimate authority over financial reporting for all... companies based on the...
    public,  Securities Act of 1934
  11. The SEC influences..., but is not directly responsible for establishing...
    standard setting, written GAAP
  12. The Committee on Accounting Procedure issued the...
    Accounting research bulletins.
  13. The Accounting Principles Board issued the...
    APB opinions.
  14. 2 major types of pronouncements that the FASB issues. (AS)
    • 1. Accounting standards updates
    • 2. SFAC
  15. The framework used to establish future GAAP and for solving existing and emerging problems.
    SFAC
  16. SFAC is NOT a part of...
    GAAP
  17. The Accounting standards updates is considered to be...
    GAAP
  18. FASB consists of... full-time members that serve renewable... terms.
    7, 5-year
  19. 2 other pronouncements that the FASB issues. (IE)
    • 1. Interpretations
    • 2. Emerging Issue Task Force Statements
  20. 3 parties that are DIRECTLY responsible for written GAAP. (CAF)
    • 1. Committee on Accounting Procedure
    • 2. Accounting Principles Board
    • 3. FASB
  21. Provides in one place all of the authoritative literature related to a particular topic.
    Codification of GAAP
  22. 2 things that the codification of GAAP does. (SI)
    • 1. Simplifies user access
    • 2. Integrates all existing GAAP
  23. What updates the codification?
    Accounting standards updates
  24. 6 key provisions of SOX. (EIC
    • 1. Established the PCAOB
    • 2. Independence for auditors
    • 3. CEO/CFO must certify fin. stmts.
    • 4.
    • 5. 
    • 6.
  25. IFRS stands for...
    International Financial Reporting Standards.
  26. Hierarchy of IFRS. (III)
    • 1. IFRS
    • 2. IAS
    • 3. Interpretations
  27. The IFRS was developed by...
    IASB
  28. IFRS requires that financial statements provide a...
    "true and fair" view
  29. In the IFRS there are currently... standards.
    15
  30. Over... countries require or permit IFRS.
    120
  31. 2 key difference between IFRS and GAAP. (MM)
    • 1. More principles-based than GAAP
    • 2. Most users of info. in IFRS countries are private investors, tax authorities, & gov. planners
  32. GAAP is ...-based
    rules
  33. 4 of the joint projects involved with GAAP. (RFLC)
    • 1. Revenue recognition
    • 2. Financial instruments
    • 3. Leases
    • 4. Conceptual framework

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