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Monda.Dec .16.2012 1. The body that has the power to prescribe the accounting that fall under its jurisdiction is the A FASB. B. AICPA C. SEC D. APR d d s the played by a 2. The most significant current source of generally ascepted accounting principles is the A. AICPA B. SEC. C. APB D. FASB 3. What is a purpose of having a conceptual framework? A. To make sure that economie activity can be identified with a particular legal entity. B. To segregate activities among different companies. C. To provide comparable information for different companies D. To enable the profession to more quickly solve emerging practical problems and to provide a foundation from which to build more useful standards. 4. The pervasive criterion by which accounting information can be judged is that of A. decision usefulness. B. freedom from bias. C. timeliness. D. comparability. 5. According to Statement of Financial Accounting Concepts No. 8, materiality is an ingredient of the fundamental quality(ies) of: A) Relevance Yes No Yes No Faithful Representation Yes Yes No No 6. In classifying the elements of financial statements, the primary distinction between revenues and gains is A. the materiality of the amounts involved. B. the likelihood that the transactions involved will recur in the future. C. the nature of the activities that gave rise to the transactions involved. D. the costs versus the benefits of the alternative methods of disclosing the transactions involved