1. Three major organizations in the private and public sector develop U.S. and international GAAP. They include all of the following except the (Points: 4) EU (European Union) SEC (Securities and Exchange Commission) FASB (Financial Accounting Standards Board) IASB (International; Accounting Standards Board)

2. The purposes of the joint long-term project of the FASB and IASB to converge revenue recognition principles include all of the following except (Points: 4) eliminate inconsistencies in conceptual guidance on revenues replace principle-based accounting with rule-based accounting for revenues establish a single comprehensive standard on revenue recognition fill voids in revenue recognition guidance

3. Certain U.S. accounting standards have been, and will be, amended to aid in the international convergence process. The process of changing these standards usually involves (Points: 4) a short deliberation followed by a vote of the U.S. Congress acceptance of the change by the Internal Revenue Service rejecting all existing standards and developing an entirely new concept selecting the best standard between existing U.S. and international standards

4. Conversion to IFRS reporting by all U.S. companies would be best accomplished with a transition plan for all of the following reasons except (Points: 4) it would have to be a multi-year process it needs to be an orderly process with a minimum of cost and disruption to the participants certain IFRS need further improvement through continued convergence efforts careful planning would enable maximum manipulation of the IFRS for the financial benefit of the United States.

5. Representational faithfulness is a relationship between the reported accounting measurements or descriptions and the economic resources, obligations, and the transactions and events causing changes in these items. This is important