Quiz-1-Ch-1-ACC563

Apr 30th, 2015
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Strayer University
Course: General Education
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Which of the following is not a consequence of the standards overload problem to small businesses? Selected Answer: Small businesses do not need to keep financial records Correct Answer: Small businesses do not need to keep financial records

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Question 1 1 out of 1 pointsWhich of the following is not a consequence of the standards overload problem to small businesses?Answer Selected Answer: Small businesses do not need to keep financial recordsCorrect Answer: Small businesses do not need to keep financial recordsQuestion 2 1 out of 1 pointsWhat controversy originally highlighted the need for standard setting groups to have more authority?Answer Selected Answer: Accounting for the investment tax creditCorrect Answer: Accounting for the investment tax creditQuestion 3 1 out of 1 pointsT he impact of accounting reports on various segments of our economic society is the definition of the concept ofAnswer Selected Answer: Economic consequencesCorrect Answer: Economic consequencesQuestion 4 1 out of 1 pointsWho has been given credit or developing the double-entry system of bookkeeping?Answer Selected Answer: Fra Luca PacioliCorrect Answer: Fra Luca PacioliQuestion 5 1 out of 1 pointsWhich of the following was not a criticism of the development of accounting standards by the Accounting Principles Board?Answer Selected Answer: Harmonization. The accounting standards developed were dissimilar to those developed by the International Accounting Standards Committee.Correct Answer: Harmonization. The accounting standards developed were dissimilar to those developed by the International A

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