Quiz Detail

Q1 . Based on your assigned reading (https://sites.google.com/site/thecodification/grading) for this class activity, respond to the following question: CODE-Q2 The Codification supersedes which levels of the previous accounting hierarchy:

A Level A

B Level B

C Level C

D Level D

E All Levels are superseded

Q2 . Based on your assigned reading (https://sites.google.com/site/thecodification/grading) for this class activity, respond to the following question: CODE-Q3 Which one is NOT one of the primary goals of the Codification

A Create a codification research system that is up to date for the released results of standard-setting activity.

B Simplify user access by codifying all authoritative US GAAP in one spot.

C Converge international accounting standards

D Ensure that the codified content accurately represented authoritative US GAAP as of July 1, 2009.

E None, ALL answers above are PRIMARY GOALS of the CODIFICATION

Q3 . Based on your assigned reading (https://sites.google.com/site/thecodification/grading) [Lesson 1, p.2] for this class activity, respond to the following question: CODE-Q4 Relevant portions of authoritative content issued by the SEC and selected SEC staff interpretations and administrative guidance have been included for reference in the Codification.

A True

B False

Q4 . Based on your assigned reading (https://sites.google.com/site/thecodification/grading) [Lesson 1, p.5] for this class activity, respond to the following question: CODE-Q5 The STRUCTURE of the CODIFICATION includes all the following, EXCEPT:

A Section

B Topic

C Sub-Topic

D Section

E Area

F Line

Q5 . Based on your assigned reading (https://sites.google.com/site/thecodification/grading) [Lesson 2, p.13] for this class activity, respond to the following question: CODE-Q7 The NUMBERING of the AREAS of the CODIFICATION includes all the following, EXCEPT:

A 200's for PRESENTATION

B 400's for LIABILITIES

C 500's for EXPENSES

D 600's for REVENUES

E 800's for BROAD TRANSACTIONS

F ALL are included

Q6 . CODE-Q9 What AREA: TOPIC-SUBTOPIC-SECTION (XXX-YY-ZZ) relate to the following citation: ASC 605-10-25

A INCOME STATEMENT: Revenue Recognition - Overall - Recognition

B REVENUES: Revenue Recognition - Overall - Recognition

C REVENUES: Recognition - Overall - Revenue Recognition

D None of the above

Q7 . Based on your assigned reading (https://sites.google.com/site/thecodification/grading) for this class activity, respond to the following question: CODE-Q1 The codification was first published as of July 1, 2009. It is effective for interim or annual periods ending after:

A June 30, 2009

B July 1, 2009

C Sept 15, 2009

D Dec 31, 2009

Q8 . Based on your assigned reading (https://sites.google.com/site/thecodification/grading) [Lesson 2, p.12] for this class activity, respond to the following question: CODE-Q6 Under the "Identifying Relevant Areas" section, the document provides the following "time-saving" tips, EXCEPT:

A The General Principles Area relates to broad conceptual matters.

B The Assets, Liabilities, and Equity Areas contain guidance about specific individual balance sheet accounts (e.g., cash, accounts payable, additional paid-in capital).

C The Broad Transactions Area contains guidance about to multiple financial statement accounts.

D The Revenue and Expenses Areas contain guidance about specific individual balance sheet accounts (e.g., sales revenue, employee compensation).

E The Industry Area contains guidance about to a specific industry or type of activity.