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Financial Accounting Exam Essay

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Below is an essay on "Financial Accounting Exam" from Anti Essays, your source for research papers, essays, and term paper examples.

January 23 & 24, 2010
Accounting 3a (Financial Accounting Part 1)

Name : _________________________ Class Schedule: _________________
Course / Year: _________________________ Date of Exam   : _________________
Campus : _________________________ Time of Exam   : _________________
Instructor : _________________________ Room Number : _________________


1. Arrange in proper order the due process for projects of FRSC:

I. Issuing for comment an exposure draft approved by a majority of the FRSC members; comment period will be at least 60 days, unless a shorter period (not less than 30 days) is considered appropriate by the FRSC
II. Consideration of pronouncements of the IASB
III. Formation of a task force, when deemed necessary, to give advice to the FRSC
IV. Approval of a standard or an interpretation by a majority of the FRSC members
V. Consideration of all comments received within the comment period and , when appropriate, preparing a comment letter to the IASB

a. I, II, III, IV and V c. II, III, I, V and IV
b. III, II, I, V and IV d. II, III, V, I and IV

2. Standards approved by the FRSC include paragraphs in bold type and plain type, which have equal authority. Paragraphs n plain type indicate the main principles.

Any limitation of the scope of the PFRSs is made clear in the standard.

a. True, True c. False, False
b. False, True d. True, False

3. The framework for the Preparation and Presentation of Financial Statements serves to guide the FRSC in:

Developing accounting standards No Yes Yes Yes
Resolving accounting issues not addressed in PFRS Yes Yes No No
Preparing auditing standards Yes NO Yes No

4. What is the authoritative status of the Framework?

a. It has the highest level of authority. In case of conflict between the Framework and a Standard or Interpretation, the Framework overrides the Standard or Interpretation.

b. If...

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