ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The Financial Accounting Standards Board (FASB) is the authoritative body that has primary responsibility for developing accounting principles. True False True ANSWER: Easy DIFFICULTY: Bloom’s: Remembering ACCT.WARD.16.01-02 - 01-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The cost concept is the basis for entering the purchase price into the accounting records. True False True ANSWER: Moderate DIFFICULTY: Bloom’s: Remembering ACCT.WARD.16.01-02 - 01-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The unit of measurement concept requires that economic data be recorded in dollars. True False True ANSWER: Easy DIFFICULTY: Bloom’s: Remembering ACCT.WARD.16.01-02 - 01-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic If a building is appraised for $85,000, offered for sale at $90,000, and the buyer pays $80,000 cash for it, the buyer would record the building at $85,000. True False
ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The Financial Accounting Standards Board (FASB) is the authoritative body that has primary responsibility for developing accounting principles. True False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-02 - 01-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The cost concept is the basis for entering the purchase price into the accounting records. True False ANSWER: True DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-02 - 01-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The unit of measurement concept requires that economic data be recorded in dollars. True False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-02 - 01-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic If a building is appraised for $85,000, offered for sale at $90,000, and the buyer pays $80,000 cash for it, the buyer would record the building at $85,000. True False
Accouting-26th-Edition-Test-Bank.docx