Miscellaneous Quiz / Accounting FHS

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Can you name the Accounting FHS?

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(2009) Confirms that new lease accounting standards will have significant impact on financial ratios such as leverage. Managers will have to re-evaluate debt agreements, etc.
BSC provides no __ __
The ideal framework should make ___ ___ the focal point and most important measurement
_ lease if it transfers substantially all the risks and rewards of ownership of the __ to the lessee
(1988) Developed ABC
Asset is a present economic resource controlled by the __ as a result of a past event. Resource is _ (rather than probable) of bringing future economic benefits
(2010) After IFRS implementation: stock prices of firms with poor standards beforehand rose - stock prices down for firms in code law countries
4 Perspectives of Balanced Scorecard: F_, C_, I_,L_(&Growth)
(2004) Time driven ABC could alleviate the limitations. Managers directly estimate appropriate allocations.
ABC only useful if activities are _ and _
(2003) Budgets should be abandoned as they sustain a comman-control culture, are inflexile and encourage gaming for self-interest
(2011) There is a perpetual challenge in balancing relevance and reliability
(2008) Intangibles generate income indirectly through other tangible assets
(2009) Zero based budgets force managers to scrutinise costs rather than accept an arbitrary year on year increase
44% of US companies use Balanced Scorecard
(2013) Predicts the success of IFRS implementation in a certain country depends on 'cultural distance' and whether there is a member of the board from that country.
(2012) Studied lease accounting practice and found 'no support' for conventional wisdom that principles encourage adherence to spirit of standards
(2003) Instead of budgets, managers should use peers and competitors as performance benchmarks (effort won't be based on arbitrary targets)
(2006) Convergence would make the dominant standards a monopoly and inhibit innovation.
(1998) Financial analysis is both a science and an art
(2006) Associate the rules-base of GAAP with the Enron scandal
(1968) Financial reports move stock prices
(2008) We should focus more on IS than BS (as investors)
(2014) Fair values are unverifiable. Therefore, the disincentives to manipulate the books are diminished. Leads to unreliability.
(2003) Argues that measures such as the SO Act are useless if there is no fundamental faith in the auditing profession to do its job properly.
(2005) Predicts that IFRS implementation in Eurozone countries will be telling because of the variance in institutions etc. Expects demand for implementation guidance
Periodic report on short, medium and long run value creation
(2001) The most fundamental accounting principle is conservatism but this does not have to be mutually exclusive with value relevance.
Under FASB, revenue cannot be recognised until a __ __ has occurred in the earnings process
Company abandoned budgets and combined this with a decentralised strategy --> great success
(2006) The process and success of implementation of IFRS will vary by country and local differences will be hidden behind a veil of uniformity
Development costs _ under IFRS and _ under GAAP
Combined ABC and big data effectively
(2001) Budget gaming can be remedied by removing compensation based on target meeting
(2001) Accounting serves an important use for regulatory, stewardship, taxation purposes etc.
(2010) Ideal conceptual framework should: focus recognition and measurement on transactions, separate operating and financing activities, focus on operating income, conservatism
(2001) The most important users of financial statements are investors. Therefore, value relevance is very important
(2012) If the market value is lower than goodwill, investors must be anticipating an impairment
Costs that occur indirectly through firm actions such as pollution
Environmental costs incurred to measure and detect external costs
(2009) ABC has been dropped by many firms because of its complications
Environmental costs incurred when there is an indirect cost of actions on society's resources
(2009) The adoption of IFRS changes the magnitude of key accounting ratios
__-___ Act (2002) was introduced following the Enron scandal. It is designed so that future scandals trigger a political process that results in correcting standards being created
(2006) Convergence will improve comparability, market efficiency and could lower barriers to international acquisitins
Choosing to capitalise rather than expense leads to higher reported _ _
The ideal framework should separate __ from ___ activities
__ __ didn't make sense for the iPhone
__ Agreement (2002) put the IASB and FASB to the task of reducing differences between the two
(2011) Praise the intentions of the exposure draft on leases but criticise it for allowing a variety of fair value methods which could undermine comparability
Environmental costs incurred to reduce future environmental costs of operations
(2012) Goodwill write offs are a tacit admission of a managerial cock up
(2004) Huge costs are involved with scaling ABC (one company had 14 dedicated employees)
(2010) Notes how there are incorrect definitions of assets and revenues in the IASB framework and that no definition is given for profit
BSC has an overemphasis on _ measures
(2007) ABC showed 1 company that only 400 of 1400 customers were profitable (problem lay with small orders)
(1995) ABC reveals insights about the profitability of products, product lines and customers
(2006) If fair value is to be used then there must be at least some level of criteria/rules to give auditors something to work with (in terms of criticism of accounts)
(2007) ABC helps managers focus on the activities that are significant
Old lease standard: Under _ more than _% economic life must be on BS whereas under _ 'major part' of economic life
The ideal framework should encourage and harbour __
(2007) ABC is only a refinement of traditional costing, has technical limitations and costly implementation and operation
Revaluation of goodwill impairment allowed under __ not under __
(2003) Describes the history of accounting as a profession including the replacement of the auditing mentality with a consulting mentality
(2010) Found a positive relationship between earnings and the positive intangible, employee satisfaction. This shows that not all tangibles have been priced in.
(2010) US decision on convergence depends on trade off between one off transition costs and persistent comparability gains.
(1968) Found that 85-90% of the information content of financial statements has already been released by more timely media forms. Hence the need for value relevance is diminished.
Performance against KPIs on Balanced Scorecard uses both _ and _ measures
(2011) The impairment test is problematic because its implementation is not uniform across companies. E.g. larger firms have more experience and do it differently.
(2010) Negative goodwill is not valued by investors
Organisation that issues guidelines on sustainability reporting. Criticised for promoting lots of reporting rather than efficient reporting
Kaplan and Norton's (1992) sustainable management reporting tool
New lease standard from FASB: both _ and _ must appear on balance sheet
The solution to convergence may be to aim for __ instead of standardisation
(2010) Accepting convergence would show that the US is politically cooperative
Sustainability: __ use of, __ use of or __ use of resources in performing operating activities
(2010) Survey of managers saw budgets as control tool AND value adding
Has no responsibility to any specific country.
Lars Sorensen, CEO of _ _: Sustainability determines profits in the long run
(2015) Zero based budgets help managers focus on HOW to cut costs rather than just which ones.
(1993) Braintree hospital used ABC to cope with changing health insurance industry.
The ideal framework should focus __ and __ on __
Environmental costs incurred when there is an indirect cost of actions on firm resources (such as employee health)
OCI is not a good predictor of future economic performance
(2010) Firms operating decisions are affected by ratio considerations

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Created Apr 24, 2016ReportNominate

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