Which of the following statements is least accurate

Question
30 of 40
Which of the following statements is least accurate?
IFRS Foundation trustees oversee the policy decisions of the FASB.
The IASB is monitored by a board that includes the U.S. SEC.
IFRS Foundation trustees appoint members of the IASB.
Incorrect.
The Financial Accounting Foundation, not the IFRS, oversees FASB.
CFA Level I
“Financial Reporting Standards,” by Elaine Henry, Jan Hendrik van Greuning, and Thomas R.
Robinson
Sections 3.1.1
–
3.1.2
Question
31 of 40
A company entered into a three-year construction project with a total contract price of $10.6
million and an expected total cost of $8.8 million. The following table provides cash flow
information relating to the contract:
($ millions) Year 1 Year 2 Year 3 Total
Costs incurred and paid $1.2 $6.0 $1.6 $8.8
Amounts billed and payments received $2.4 $5.6 $2.6 $10.6
If the company uses the percentage-of-completion method, the amount of revenue
recognized (in millions) in Year 2 is closest to:

CFA Level I
“Understanding Income Statements,” Elaine Henry and Thomas R. Robinson
Section 3.2.1
Question
32 of 40
A company's balance sheet shows the following values (€):
Cash 12,000
Marketable securities 3,000
Accounts receivable 16,500
Inventory 8,745
Prepaid expenses 2,305
Current liabilities 32,580
The company’s cash ratio is closest to:
CFA Level I
“Understanding Balance Sheets,” by Elaine Henry and Thomas R. Robinson
Section 7.2
“Financial Analysis Techniques,” by Elaine Henry, Thomas R. Robinson, and Jan Hendrik van
Greuning
Section 4.3.1
Question
33 of 40
Which of the following ratios will most likely result in an increase in a company's sustainable
growth rate?