MC2pomts ca 1. Which of the following is not a publication of the FASB? A) Statements of Financial Accounting Concepts B) Accounting Research Bulletins C) Interpretations D Technical Bulletins 2. The purpose of the Emerging Issues Task Force is teo A) develop a conceptual framework as a frame of reference for the solution of future problems B) lobby the FASB on issues that affect a particular industry ),ideresearch on issues that relate to long-term accountin gproblems. D) provide implementation guidance within the Codification framewor to reduce diversity in practice on a timely basis 3. Which of the following is not true of generally accepted accounting principles? A) GAAP includes detailed practices and procedures as well as broad guidelines of general application. B) GAAP is influenced by pronouncements of the SEC and IRS C GAAP changes over time as the nature of the business environment changes. D) GAAP does not have substantial authoritative support 4. Which of the following is not considered a component of generally accepted accounting principles? A) FASB Implementation Guides. B) Widely recognized industry practices. C) Articles published in CPA journals. D AICPA Accounting Interpretations 5. A characteristic of generally accepted accounting principles includes A) a common set of standards and principles. B) . standards and principles are baseda federal statutes C) acceptance requires an affirmative vote of Certified Public Accountants e accepted for at least a year by all industry members. 6. Accrual accounting is used because cash flows are considered less important. B) it provides a better indication of a company's ability to generate cash flows than the cash basis C) Jit recognizes revenues when cash is received and expenses when D) it provides past ability to generate negative cash flows. recognizes evenues when cash is received and expenses when cash is paidl 7. Which of the following is a general limitation of general purpose financial statements" A) General purpose financial statements may not be the most informative for a specific enterprise B) General purpose financial statements are not comparable C) General purpose financial statements do not fairly present a company's financial operations D) General purpose financial statements provide financial reporting informati .iwidevariety.ofus ers