**Accounting Today News Quiz for July 1, 2023**
Round 1
Multiple Choice
- Which of the following is NOT a type of financial statement?
- Balance Sheet
- Income Statement
- Statement of Cash Flows
- Statement of Financial Position
- Who is the current Chairman of the Financial Accounting Standards Board (FASB)?
- Russell Golden
- James Kroeker
- Kevin West
- Jeffrey Jones
True/False
- Depreciation is an expense that is recorded on the balance sheet.
- Revenues are recorded when earned, regardless of when cash is received.
- Intangible assets are always amortized over their useful life.
Round 2
Short Answer
- Define the term accrual accounting.
- Explain the difference between an asset and a liability.
- Describe the role of the International Accounting Standards Board (IASB).
Answer Key
Round 1
- D
- B
- A
- False
- True
- False
Round 2
- Accrual accounting is a method of accounting that records transactions when they occur, regardless of when cash is received or paid.
- An asset is a resource controlled by the company that is expected to provide future economic benefits. A liability is an obligation of the company that is expected to result in an outflow of economic resources.
- The IASB is an international organization that develops and approves International Financial Reporting Standards (IFRS), which are used by companies in over 140 countries to prepare their financial statements.
Kind regards
G. Porter
Commercial
