Chpt 1 Homework Solutions

Chpt 1 Homework Solutions - Chpt 1 Homework Solutions...

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Chpt 1 Homework Solutions Assignment 1-1 F 1. All generally accepted accounting principles are the result of a designated rule- making body. F 2. Canada’s accounting standards are completely harmonized with international standards. F 3. Canadian GAAP must be used for the financial statements of every Canadian corporation. T 4. GAAP includes practices that have evolved and gained acceptance over time, even when not codified in writing. F 5. The primary objective of financial accounting is for appraising the performance of management. F 6. The presence of restrictive bond covenants, specifying minimum times-interest- earned ratios, means that an organization will have a tendency to pick discretionary accounting policies that minimize income. F 7. External decision makers have direct access to the information generated by the internal operations of a company. F 8. Income tax law has no impact on the accounting choices made by management. T
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This note was uploaded on 02/11/2010 for the course ACCOUNTING ACC415 taught by Professor Susanedwards during the Fall '09 term at Seneca.

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Chpt 1 Homework Solutions - Chpt 1 Homework Solutions...

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