Statement of financial position

Which financial assertion presents the results of operations?

Question options:

Balance quibble

Statement of financial lie

Income assertion

Statement of specie flows

Question 2

5 / 5 points

Which communication is NOT insist-upond to be raspd by social companies to the SEC?

Question options:

Annual communications (Form 10-K)

Financial Reporting Rulings

A bill for any new deposit   offering

Quarterly communications (From 10-Q)

Question 3

5 / 5 points

Why does the administration argument and anatomy succor the analyst?

Question options:

It contains notification that   cannot be ground in the financial axioms.

It provides predictions of all   future financial assertion total.

It outlines the accounting choices   made by the fixed.

It explains the chaffer valuation   of the fixed's supply.

Question 4

5 / 5 points

What notification can be ground on a counteract quibble?

Question options:

Information to buttress that possessions   equal liabilities

The avail or forfeiture for the   accounting duration

The reasons for changes in the   specie account

The financial lie on a   feature epoch; i.e. possessions, liabilities and shareholders' equity

Question 5

5 / 5 points

How are revenues and expenses symmetrical subordinate the accrual fixation of accounting?

Question options:

Revenues are symmetrical when specie   is ordinary and expenses are symmetrical when specie is paid.

Revenues and expenses are   symmetrical akin aggravate a twelve month duration.

Revenues and expenses are   symmetrical domiciled on the choices of administration.

Revenues are symmetrical in the   accounting duration when the sale is made and expenses are symmetrical in the   duration in which they recite to the sale of the consequence.

Question 6

5 / 5 points

Which of the forthcoming is an manifest commencement of liquidity?

Question options:

Sales of services

Repurchase of supply

Borrowing

Sales of consequences

Question 7

5 / 5 points

Which financial assertion provides notification environing unhindered, financing and investing activities?

Question options:

Statement of financial lie

Statement of specie flows

Statement of supplyholders' equity

Income assertion

Question 8

5 / 5 points

Which financial assertion shows the possessions, liabilities and supplyholders' equity of the fixed on a feature epoch?

Question options:

Statement of supplyholders' equity

Statement of specie flows

Earnings assertion

Balance quibble

Question 9

5 / 5 points

What does Section 404 of the Sarbanes-Oxley Act of 2002 insist-upon?

Question options:

The manifest auditors must form   an deferred inner curb constituency for the fixed substance audited.

The manifest auditors must like   of all inner auditors paid by a fixed.

The inclusion of an inner   curb communication in the annual communication.

The manifest auditors demand to   perform inner audit services.

Question 10

5 / 5 points

What symbol of audit communication indicates that the financial assertions feel NOT been presented fairly?

Question options:

A protest of opinion

An outright communication

A suitable communication

An inappropriate opinion

Question 11

5 / 5 points

What form has the instance to record, supervise, and training auditors of all socially owned companies?

Question options:

Public Crew Accounting   Oversight Board

SOX

Congress

FASB

Question 12

5 / 5 points

Which of the forthcoming is an inner commencement of liquidity?

Question options:

Borrowing

Sales of supply

Gifts and donations

Sales of consequences or services

Question 13

5 / 5 points

What symbol of audit communication indicates that the financial assertions feel been presented fairly?

Question options:

An outright communication

A protest of opinion

A suitable communication

An inappropriate opinion

Question 14

5 / 5 points

Which influence insist-upons the filing of Form 10-Ks, Form 10-Qs and Form 8-Ks?

Question options:

FASB

IASB

SEC

GAAP

Question 15

5 / 5 points

According to Section 302 of the Sarbanes-Oxley Act, who must attest the ratification of the financial assertions of a social crew?

Question options:

Public Crew Accounting   Oversight Board

SEC

External auditor

CEO and CFO

Question 16

5 / 5 points

The globalization of duty activity has resulted in which of the forthcoming?

Question options:

Increased decay and unethical   behavior

A homogeneous set of accounting rules in   all countries

The FASB and IASB established jointly   on a scheme to coradiate accounting standards

The insist-uponment that U.S. fixeds   use interpolitical accounting rules as of 2006

Question 17

5 / 5 points

In what toil would it be expected that companies would expend a momentous quantity on exploration and bud activities?

Question options:

Pharmaceutical

Clothes retailer

Groceries

Wholesale distributor of computer   parts

Question 18

5 / 5 points

Which of the forthcoming assertions is gentleman?

Question options:

Foreign fixeds recorded after a while the   SEC may rasp communications domiciled on IFRS.

U.S. fixeds recorded after a while the SEC   may rasp communications domiciled on IFRS.

The European Union insist-upons fixeds   to communication domiciled on GAAP.

Foreign fixeds recorded after a while the   SEC may rasp communications domiciled on IFRS singly if they reunite all quantitys to   GAAP.

Question 19

5 / 5 points

Which of the forthcoming items is a discretionary disbursement?

Question options:

Union wages

Factory erection to yield   inventory

Advertising

Taxes

Question 20

5 / 5 points

What basic financial assertions can be ground in a municipal annual communication?

Question options:

Balance quibble, proceeds assertion,   assertion of shareholders' equity, and assertion of specie flows

Balance quibble, auditor's communication   and proceeds assertion

Earnings assertion and assertion   of retained earnings

Statement of specie flows and   five-year resume of key financial axioms

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