1. (TCO 1) The International Accounting Standards Board (Points : 5) was the predecessor to the IASC. can overrule the FASB when their policies disagree. promotes the use of high-quality, understandable global accounting standards. has its headquarters in Geneva.

Question 2. 2. (TCO 2) The conceptual framework's qualitative characteristic of faithful representation includes (Points : 5)

predictive value. neutrality. confirmatory value. timeliness.

Question 3. 3. (TCO 3) High Seas Ships sold a 40-foot yacht for $750,000, receiving a $50,000 down payment and an 8% note for the balance. The journal entry to record this sale would include a (Points : 5)

credit to cash. debit to cash discount. debit to note receivable. credit to note receivable.

Question 4. 4. (TCO 3) When a tenant makes an end-of-period adjusting entry credit to the prepaid rent account, (Points : 5)

he or she usually debits cash. he or she usually debits an expense account. he or she debits a liability account. None of the above

Question 5. 5. (TCO 3) Temporary accounts would not include (Points : 5)

salaries payable. depreciation expense. supplies expense. cost of goods sold.

Question 6. 6. (TCO 4) Noncurrent assets include: (Points : 5)

inventory held for sale. prepaid rent. accounts receivable. land held for a possible future plant site.

Question 7. 7. (TCO 4) The acid-test ratio is also known as the (Points : 5)

current ratio. debt equity ratio. times interest earned ratio. quick ratio.

Question 8. 8. (TCO 5) The difference between single-step and multiple-step income statements is primarily an issue of (Points : 5)

consistency. presentation. measurement. valuation.

Question 9. 9. (TCO 5) On June 1, 2013, Romano Inc. changed the estimated useful life of its office equipment from 20 to 12 years. This change would be accounted for (Points : 5)

prospectively. retrospectively. as an accounting error. None of the above

Question 10. 10. (TCO 5) In the operating activities section of the statement of cash flows, we start with net income (Points : 5)

in the direct method. in the indirect method. in both the direct and the indirect methods. in neither the direct nor the indirect methods.

Question 11. 11. (TCO 5) Each of the following would be reported as items of other comprehensive income except (Points : 5)

foreign currency translation gains. unrealized gains on investments accounted for as securities available for sale. deferred gains from derivatives. gains from the sale of equipment.

Question 12. 12. (TCO 5) In a statement of cash flows prepared under International Financial Reporting Standards, each of the following items is typically classified as a financing cash flow except (Points : 5)

interest paid. dividends paid. proceeds from the issuance of long-term debt. dividends received.

Question 13. 13. (TCO 4) The balance sheet reports (Points : 5)

net income at a point in time. cash flows for a period of time. assets and equities at a point in time. assets and liabilities for a period of time.

Question 14. 14. (TCO 4) Which of the following groups is not among the external users for whom financial statements are prepared? (Points : 5)

Customers Suppliers Employees None of the above

please give me answers ;)