l tuis exahination. Please write your name in the blank space on the top and on

Question

l tuis exahination. Please write your name in the blank space on the top and on the Scantr Select the best answer and record your choice on the Scantron form. on form. 50 Multiple Choice Questions (2 points each, 100 points in total 1) Which of the following is not one of the four basic financial statements? A) balance sheet B) general-purpose financial statement C) cash flows statement D) statement of comprehensive income 2) Which party involved in the financial reporting process provides assurance that financial statements prepared by management fairly present the financial position and performance of the company? A) standard setters B) regulators C) accounting preparers D) auditors 3) The Security Exchange Commission (SEC) regulates financial reporting for publicly traded companies A) True B) False 4) Which of the following is not a current trend in accounting-standards setting? A) increase in political involvement B) move toward principles-based system C) focus on asset/liability approach D) emphasis on measuring fair value 5) U.S. GAAP contains more rules-based standards than IFRS A) True B) False

Explanation / Answer

Question No 1

D. Statement of comprehensive income

Question No.2

Option D. Auditors

Question No 3

True

Question No 4

OPTION A. Increase in potical involvement

Question No. 5

True

Explanation :

US GAAP contains more rules based standards than IFRS

IFRS is more princples based standards than U.S GAAP

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