MAC 7100 WEEK 4 MIDTERM Week 4 – Midterm â€¢ Question 1 Numerals assigned in ordinal rankings indicate an order of preference where the degree of preference among ranks is the same. â€¢ Question 2 “The responsibility of the Financial Accounting Foundation is to elect the board of trustees, which selects FASB members, funds the board s activities, and performs the oversight role.” â€¢ Question 3 Which of the following research areas hypothesizes that management attempts to maximize its own welfare by minimizing costs of monitoring and contracting? â€¢ Question 4 “Under the revenue-expense approach, the income statement is regarded as simply a way of classifying and reporting on changes that occur in a firm s net assets.” â€¢ Question 5 Transactions are economic or financial events that are recorded in the firm s accounts. â€¢ Question 6 Analytical/deductive research methods are commonly used in accounting research. â€¢ Question 7 The importance of the auditing function relative to the management consulting function is declining in major auditing firms. â€¢ Question 8 Prediction measures are concerned with factors that may be indicative of future conditions. â€¢ Question 9 In which of the following ways did the charge to the Financial Accounting Standards Board (FASB) differ from that given to the Accounting Principles Board (APB)? â€¢ Question 10 “Which of the following refers to accounting information that is used by investors, creditors, and other outside parties for analyzing management performance and decision-making?” â€¢ Question 11 Major complaints aimed at the FASB s standard setting process include: â€¢ Question 12 Agency theory studies are a special case of: â€¢ Question 13 The decision-model approach to accounting research seeks to determine what information users of accounting information want. â€¢ Question 14 “Where rigid uniformity is in effect, the underlying reasons may be attributable to all but which one of the following factors?” â€¢ Question 15 “Accounting theory includes conceptual frameworks, accounting legislation, valuation models, and hypotheses and theories.” â€¢ Question 16 Assessment measures are concerned with particular attributes of objects and are always direct measurements. â€¢ Question 17 Which of the following is not true regarding agency theory? â€¢ Question 18 A premise stating that accounting reports should be based on historical costs would indicate a normative approach. â€¢ Question 19 There are only a few examples of accounting standards that emphasize the effects of transactions on the income statement to the exclusion of their impact on the balance sheet.
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