QUIZ+1+solutions

QUIZ+1+solutions - CONSI STENCY PERI ODI CI T Y CONSERVATI...

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Unformatted text preview: CONSI STENCY PERI ODI CI T Y CONSERVATI SM OR M ATCH I NG CONOM I C ENTI T Y ASSUM PTI ON H I STORI CAL COST H I STORI CAL COST ONOM I C ENTI T Y ASSUM PTI ON NSERVATI SM OR M ATCH I NG PERI ODI CI T Y CONSI STENCY QUIZ #1: Chapters 1 & 2 ACTG2P31 NAME: STUDENT #: PART 1: CIRCLE THE BEST ANSWER. 10 x 1 mark each. 1. Which of the following statements is not an objective of financial reporting? a. Provide information that is useful to users in making resource allocation decisions. b. Provide information about an entity’s economic resources, obligations, and equity/net assets. c. Provide information on the liquidation value of an enterprise. d. Provide information about changes in an entity’s economic resources, obligations, and equity/ net assets. 2. The GAAP hierarchy would consider the following source to be the highest: a. Accounting Guidelines b. Industry practice c. FASB accounting standards d. EIC abstracts 3. Professional judgement plays an important role in Canada because a. the business environment is complex and there cannot be a rule for every situation. b. Canadian accounting standards are based primarily on general principles rather than specific rules. c. professional accountants have the experience and education that enables them to apply GAAP principles. d. all of these. 4. Which of the following is not a responsibility of the Provincial Securities Commissions? a. Review and monitor the financial statements of companies whose shares are publicly traded. b. Oversee and monitor the capital marketplace. c. Issue disclosure requirements, informing companies about how it interprets GAAP d . Research GAAP issues and make recommendations to the AcSB. 5. The business strategy model called the “Balanced Scorecard” a. ensures that all of the financial statements are accurate and balanced. b. views the company from the financial, customer, internal processes perspectives, and learning and growth perspectives. c. begins each reporting period with zero balances in all areas of measurement. d. views the financial statements as the major component of useful information for decision making within the company....
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QUIZ+1+solutions - CONSI STENCY PERI ODI CI T Y CONSERVATI...

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