Question

companies that are listed on a stock exchange are required to

22. Companies that are listed on a stock exchange are required to submit their financial statements to the a. AICPA b. APB c. FASB. d. SEC. 23. The Financial Accounting Standards Board a. has issued a series of pronouncements entitled Statements on Auditing Standards. b. was the forerunner of the current Accounting Principles Board. c. Is the arm of the Securities and Exchange Commission responsible for setting financial accounting standards. d. Is appointed by the Financial Accounting Foundation. 24. The Financial Accounting Foundation a. oversees the operations of the FASB. b. oversees the operations of the AICPA. c. provides information to interested parties on financial reporting issues. d. works with the Financial Accounting Standards Advisory Council to provide information to interested parties on financial reporting issues. 25. The major distinction between the Financial Accounting Standards Board (FASB) and its predecessor, the Accounting Principles Board (APB), is a. the FASB issues exposure drafts of proposed standards. b. all members of the FASB are fully remunerated, serve full time, and are independent of any companies or Institutions. C. all members of the FASB possess extensive experience in financial reporting. d. a majority of the members of the FASB are CPAs drawn from public practice. 26. 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 27. The purpose of the Emerging Issues Task Force is to 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. c. do research on Issues that relate to long-term accounting problems, d. Issue statements which reflect a consensus on how to account for new and unusual financial transactions that need to be resolved quickly.

Answer 1

22) option D : Every public company should submit annual report on Form 10-K and quarterly report on Form 10-Q with SEC before listing any stock exchange to trade their securities in the market because this is the rule of SEC

23) option C : FASB is the arm of the SEC and FSAB responsible for financial accounting standards

24) option A : FAF is overseeing the operations of FASB

25) option B : The major distinction between two is all members of FASB are work full time and get full salary and are independent of any companies or institutions

26) option A : FASB issues the concepts of financial accounting and financial accounting concepts are a list of accounting rules and procedures, financial accounting concepts not a publication

27) option D : EITF is to issue statements which reflect a consensus on how to account for now and unusual financial transactions need to be resolved quickly