ACC 563 Week 3 Quiz – Strayer NEW



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Week 3 Quiz 2: Chapters 2 and 3

Chapter 2
Multiple Choice

1.      Which early accounting theorist  was among the first to express the view that all changes in the value of assets and liabilities should be reflected in the financial statements ?\
a.       A. C. Littleton
b.      John Canning
c.       William Paton
d.      DR Scott

Answer

2.      Which of the following economists most influenced the views of DR Scott?
a.       Thorstein Veblen
b.      John Hicks
c.       Karl Marx
d.      John Smith

Answer

3.      Which of the following is not one of DR Scott’s hierarchy of accounting postulates and principles?
a.       Orientation postulate.
b.      The principles of truth and fairness.
c.       The materiality principle
d.      The principles of adaptability and consistency.

Answer

4.       Which of the following organizations published the monograph titled A Tentative Statement of Accounting Principles Affecting Annual Corporate Reports
                   a.            SEC
                  b.            AAA
                   c.            AIA
                  d.            NAA

Answer

5.      Which of the following organizations published the monograph titled A Statement of Accounting Principles?
                   a.            SEC
                  b.            AAA
                   c.            AIA
                  d.            NAA

Answer

6.      Who was the author of Accounting Research Study No. 1, The Basic Postulates of Accounting?
a.       Robert Sprouse
b.      Maurice Moonitz
c.       Alvin Jennings\
d.      Thomas Hatfield

Answer

7.      Which of the following is not an approaches to accounting theory AS categorized by Statement on Accounting Theory and Theory Acceptance?
a.       Classical,
b.      Neoclassical
c.       Decision usefulness
d.      Information economics.

Answer

8.         Under Statement of Financial Accounting Concepts No. 2, feedback value is an ingredient of the primary quality o
                              Relevance                    Reliability
a.                                                                                             No                               No
b.      No                                                             Yes
c.                                             Yes                              Yes
d.                                             Yes                                No

Answer

9.   Under Statement of Financial Accounting Concepts No. 2, which of the following interacts with both relevance and reliability to contribute to the usefulness of information?
a.       Comparability
b.      Timeliness
c.       Neutrality
d.      Predictive value

Answer

10.     Which of the following hierarchy of qualities did Statement of Financial Accounting Concepts No. 2 indicate as being most important?
a.       Relevance
b.      Reliability
c.       Verifiability
d.      Decision usefulness

Answer

11.     Which of the following is considered  a pervasive constraint by Statement of Financial Accounting Concepts No. 2
a.       Benefits>costs
b.      Conservatism
c.       Timeliness
d.      Verifiability

Answer

12.     Under Statement of Financial Accounting Concepts No. 2, which of the following is an ingredient of the primary quality of relevance?
a.       Predictive value
b.      Materiality
c.       Understandability
d.      Verifiability

Answer

13.     Under Statement of Financial Accounting Concepts No. 2, which of the following is an ingredient of the primary quality of reliability?
a.       Understandability
b.      Verifiability
c.       Predictive value
d.      Materiality

Answer

14.     Under Statement of Financial Accounting Concepts No. 2, the ability through consensus of measures to ensure that information represents what it purports to represent is an example of the concept of
a.       Relevance
b.      Verifiability
c.       Representational faithfulness
d.      Feedback value

Answer

Under Statement of Financial Accounting Concepts No. 2, which of the 

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