FINANCIAL REPORTING ENVIRONMENT
d1. Accounting attributes.
a2. Characteristics of financial accounting.
c3. Meaning of financial accounting.
a4. Economic reporting entity.
d5. Efficient use of assets.
d6. Capital allocation process.
c7. Assessing management stewardship.
c8. Goals of financial revealing.
a9. Part of AcSB.
c10. Physique responsible for placing GAAP.
b11. Preparation of biased information.
d12. Functions instrumental in development of credit reporting standards.
d13. Stakeholders in the financial reporting environment..
a14. " Due process”.
m 15. Causes of subprime lending crisis.
d16. Management prejudice.
b17. Adoption of IFRS.
c18. Part of OSC.
d19. Meaning of GAAP.
b20. Changing nature of the overall economy.
d21. Exercise of specialist judgement.
c22. Major elements in the confirming environment.
a23. Impact of technology on financial reporting.
b24. Mother nature of the " Balanced Scorecard”.
a25. Responsibility for economic statements.
d26. GAAP pertaining to private businesses.
d27. Revealing principles
a29AcSB's standard environment process
E1-30Objectives of financial reporting.
E1-31Role of securities commissions and inventory exchanges.
E1-33Sources of GAAP.
E1-35Challenges facing financial credit reporting.
E1-36Stakeholders in the financial credit reporting environment.
1 . The essential characteristic(s) of accounting is (are)
a. conversation of financial data to interested persons.
b. communication of financial information about economical entities.
c. identification, dimension, and conversation of financial info.
d. all of these.
2 . Monetary accounting is involved with the method that culminates in
a. the planning of financial reports.
b. specific reports pertaining to inventory management and control.
c. specialized reports intended for income tax computation and recognition. d. reports on within stock prices and future estimates of market placement.
3. Economic accounting can be broadly thought as the area of accounting that prepares monetary statements to get used
aby parties interior to the company only.
n. by buyers only.
c. by celebrations both external and internal to the company.
d. generally by supervision.
4. The knowledge provided by economic reporting pertains to
a. individual business enterprises, instead of to sectors or a great economy overall or to users of culture as buyers.
b. organization industries, rather than to specific enterprises or an economic system as a whole or members of society since consumers.
c. individual business enterprises, industries, and an economic system as a whole, instead of to users of contemporary society as customers.
d. a great economy overall and to members of culture as consumers, rather than to individual enterprises or industrial sectors.
5. Whether a business works and gows best is determined by
a. free enterprise.
c. market segments.
d. all of these.
6. An efficient capital share process
a. encourages creativity.
b. helps bring about productivity.
c. provides an successful and the liquid market for buying and advertising securities.
deb. all of these.
several. In examining management stewardship, users usually refer to
a. non-financial measurements.
b. forward-looking data.
c. historical data.
d. not one of these.
almost eight. Which with the following transactions is no objective of financial reporting?
a. Provide details that is useful to users to make resource share decisions.
n. Provide information about an entity's economic assets, obligations, and equity/net resources.
c. Provide information on the liquidation value associated with an enterprise.
d. Provide info...