1.

The overall objective of financial reporting is to provide information

That is useful for decision making
About assets, liabilities and equity
About financial performance during a period
That assesses performance of management
2. The objective of financial information is based on
The needs of the users of the information
The need for conservatism
Reporting on management stewardship
Generally accepted accounting principles
3. The primary focus of financial reporting has been on meeting the needs of which of the following
groups?
existing and potential investors, lenders and other creditors
Management
National taxing authorities
Independent CPAs
4. The primary objective of financial reporting is to provide useful information to
Capital providers
Management
Regulatory body
Government
5. Which is an objective of financial reporting?
To provide information that is useful in making investing and credit decisions
To provide information that is useful to management
To provide information to investors
To provide information abkut internal and external conflicts
6. Which is an objective of financial reporting?
To provide information that is useful to assess the amount, timing, and uncertainty of
prospective cash receipts