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contemporary issues in accounting

Quiz by Padma Losani

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8 questions
Show answers
  • Q1
    What is the main purpose of the IFRS?
    To make accounting standards more complex and confusing.
    To provide a single set of high-quality, globally accepted accounting standards.
    To allow companies to choose which accounting standards they want to follow.
    To provide guidelines for ethical behavior in accounting.
    30s
  • Q2
    What is the purpose of the FASB?
    To decrease the quality of financial accounting and reporting standards.
    To develop and improve financial accounting and reporting standards.
    To replace the IFRS.
    To provide guidelines for ethical behavior in accounting.
    30s
  • Q3
    What is the purpose of the Conceptual Framework?
    To provide a framework for developing accounting standards.
    To decrease the quality of accounting standards.
    To provide guidelines for ethical behavior in accounting.
    To replace the IFRS.
    30s
  • Q4
    What is the difference between a current asset and a long-term asset?
    Current assets are expected to be converted to cash within one year, while long-term assets are not expected to be converted to cash within one year.
    Current assets are not expected to be converted to cash within one year, while long-term assets are expected to be converted to cash within one year.
    Current assets are valued at their historical cost, while long-term assets are valued at their market value.
    Current assets are not reported on the balance sheet, while long-term assets are reported on the balance sheet.
    30s
  • Q5
    What is the current format of the income statement under the International Financial Reporting Standards (IFRS)?
    Classified
    Multi-Step
    Contribution Margin
    Single-Step
    30s
  • Q6
    Which of the following is an example of a contingent liability?
    Accounts Payable
    Accounts Receivable
    Inventory
    A lawsuit against the company
    30s
  • Q7
    What is the difference between an expense and a capital expenditure?
    An expense is a cost for something consumed while a capital expenditure is a cost to acquire an asset
    An expense is a long-term cost while a capital expenditure is a short-term cost
    An expense is a cost to acquire an asset while a capital expenditure is a cost for something consumed
    There is no difference between the two
    30s
  • Q8
    What is the purpose of financial statement analysis?
    To prepare the financial statements of a company
    To audit the financial statements of a company
    To interpret and evaluate the financial statements of a company
    To provide tax advice to the company
    30s

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