Intermediate Financial Accounting
Kayla Johnson
Intermediate Financial Accounting I
AC321 A
Chapter 1:
CE 1-1: Describe the main elements of the link labeled “Help, FAQ, Learning Guide, and About the Codification.”
The “Help, FAQ, Learning Guide, and About the Codification” link describes how to navigate the website and answers questions about changing or updating your profile.
CE 1-2: Describe the procedures for providing feedback.
In the bottom right hand of the home page, you can select a link that will lead you to a textbox that is available to give feedback regarding the site.
CE 1-3: Briefly describe the purpose and content of the “What’s New” Link.
The “What’s New” link explains the recent updates and modifications made to the website to hopefully better the user’s experience with the site.
CA1-1: Presented below are four statements, which you are to identify as true or false. If false, explain why the statement is false.
1. GAAP is the term used to indicate the whole body of FASB authoritative literature. TRUE
2. Any company claiming compliance with FAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. FALSE- Any company claiming compliance with FAAP must comply with all standards and interpretations, especially the disclosed requirements.
3. The primary governmental body that has influence over the FASB is the SEC. TRUE
4. The FASB has a government mandate and therefore does not have to follow due process in issuing a standard. FALSE- The FASB relies on two statements. 1) The FASB should consider all viewpoints from the entire community, not just public accountants. 2) It should operate through “due process” where everyone is able to make their own opinions and has time to do so.
CA1-2: Presented below are four statements, which you are to identify as true or false. If false, explain why the statement is false.
1. The objective of financial statements emphasizes a stewardship approach for
Intermediate Financial Accounting I
AC321 A
Chapter 1:
CE 1-1: Describe the main elements of the link labeled “Help, FAQ, Learning Guide, and About the Codification.”
The “Help, FAQ, Learning Guide, and About the Codification” link describes how to navigate the website and answers questions about changing or updating your profile.
CE 1-2: Describe the procedures for providing feedback.
In the bottom right hand of the home page, you can select a link that will lead you to a textbox that is available to give feedback regarding the site.
CE 1-3: Briefly describe the purpose and content of the “What’s New” Link.
The “What’s New” link explains the recent updates and modifications made to the website to hopefully better the user’s experience with the site.
CA1-1: Presented below are four statements, which you are to identify as true or false. If false, explain why the statement is false.
1. GAAP is the term used to indicate the whole body of FASB authoritative literature. TRUE
2. Any company claiming compliance with FAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. FALSE- Any company claiming compliance with FAAP must comply with all standards and interpretations, especially the disclosed requirements.
3. The primary governmental body that has influence over the FASB is the SEC. TRUE
4. The FASB has a government mandate and therefore does not have to follow due process in issuing a standard. FALSE- The FASB relies on two statements. 1) The FASB should consider all viewpoints from the entire community, not just public accountants. 2) It should operate through “due process” where everyone is able to make their own opinions and has time to do so.
CA1-2: Presented below are four statements, which you are to identify as true or false. If false, explain why the statement is false.
1. The objective of financial statements emphasizes a stewardship approach for