Reference no: EM132479124

Question 1: Which of the following statements is TRUE?

A) The IASB is the current standards setting body for the U.S. accounting profession.

B) The FASB determines U.S. generally accepted accounting principles.

C) Applying IFRS will require much less judgment and interpretation than following U.S. GAAP.

D) The IRS determines generally accepted accounting principles.

Question 2: U.S. generally accepted accounting principles (GAAP) are determined by the ________.

A) IFRS

B) IASB

C) FASB

D) U.S. Congress

Question 3: It requires more judgment to use ________ than to use ________.

A) IFRS; U.S. GAAP

B) U.S. GAAP; IFRS

C) This is a trick question, since U.S. GAAP and IFRS are the same.

D) IGAAP; U.S. GAAP

Question 4: ________ have more detailed rules than ________.

A) IFRS; U.S. GAAP

B) U.S. GAAP; IFRS

C) This is a trick question, since U.S. GAAP and IFRS are the same.

D) IGAAP; U.S. GAAP

Question 5:  ________ are more concept-based than ________.

A) IFRS; U.S. GAAP

B) U.S. GAAP; IFRS

C) This is a trick question, since U.S. GAAP and IFRS are the same.

D) IGAAP; U.S. GAAP

Question 5: ________ is more rule-based than ________.

A) IFRS; U.S. GAAP

B) U.S. GAAP; IFRS

C) This is a trick question, since U.S. GAAP and IFRS are the same.

D) IGAAP; U.S. GAAP

Question 6: The SEC has ________.

A) ordered all U.S. companies to begin using IFRS immediately

B) ruled that U.S. companies may never use IFRS for financial reporting

C) established a time table for the convergence of U.S. GAAP and IFRS

D) established an International Accounting Standards Board to create international accounting rules