The financial statements most frequently provided include all of the following except the Balance sheet.

Statement of cash flows. Statement of retained earnings. Statement of stockholders' equity. 0 out of 1

question

of 1

!n effective process of capital allocation is critical to a healthy economy" which #romotes productivity. $ncourages innovation. #rovides an efficient and liquid market for %uying and selling securities. !ll of the options are correct. 0 out of 1

question & of 1 'hallenges facing financial accounting include all of the following except (orward)looking information. (inancial measurements. Soft assets. Timeliness. 1 out of 1 ! challenge facing financial accounting is not financial %ut non)financial measurements.

question * of 1 !ll of the following are o%+ectives of financial reporting except to provide information !%out enterprise resources" claims to those resources" and changes in them. That is useful in investment and credit decisions. !%out the management and ma+or shareholders of an enterprise.

That is useful in assessing cash flow prospects. 0 out of 1

question , of 1 The term -!!# means -enerally accepted accounting practices. -enerally accepted accounting principles. -enerally accepted auditing practices. -enerally accepted accounting purposes. 1 out of 1 -!!# means generally accepted accounting principles .pg. /0.

question / of 1 1hich one of the following organi2ations has not %een a ma+or policy)setting %ody3 !4'#!. -!SB. 45!. S$'. 0 out of 1

question 6 of 1 Standards and interpretations are issued %y the !4'#!. (!SB. -!SB. S$'. 1 out of 1 Standards and interpretations are issued %y the (!SB .pg. 100.

question 7 of 1 The first step taken in the esta%lishment of a typical (!SB statement is The %oard conducts research and analysis and a discussion memorandum is issued. ! pu%lic hearing on the proposed standard is held. The %oard evaluates the research and pu%lic response and issues an exposure draft. Topics are identified and placed on the %oard's agenda. 0 out of 1

question 8 of 1 The organi2ation whose purpose is to conduct research and make recommendations on the impact of financial reporting is the !merican !ccounting !ssociation. (inancial $xecutives 4nstitute. 4nstitute of 5anagement !ccountants. 4nternal 9evenue Service. 1 out of 1 The (inancial $xecutives 4nstitute conducts research and makes recommendations on the impact of financial reporting .pg. 1&0.

question 10 of 1 The most authoritative source of -!!# among the following is (!SB $merging 4ssues Task (orce Statements. 4mplementation -uides. 4nterpretations. Technical Bulletins. 1 out of 1 (!SB 4nterpretations .and standards0 are the most authoritative source of -!!# .pg. 1*0.

question 11 of 1 #rofessional organi2ations that influence the formulation of accounting standards include all of the following except the

!!!. ($4. 45!. 49S. 0 out of 1

question 1 of 1 4nternational accounting standards are esta%lished %y the (!SB. 4!SB. 4!S'. S$'.