8 whichofthefollowingappliestofinancialaccounting ab

8. Which of the following applies to financial accounting?
a.      b. c. d
Information meets specific needs of particular statement users                    yes     no no no
Emphasizes objective data                                                                           yes     no yes no
Future-oriented                                                                                            no     no no yes
Basically concerned with income determination and asset valuation             no     yes yes no
9.
The following descriptions pertain to limitations of financial accounting and financial
statements except
Accounting standard setting (institutions and process)
10.
According to the Preface to International Financial Reporting Standards, which of the following
are objectives of   the IASB?
I. To harmonize financial reporting between IFRS and US GAAP and the European
II. To work actively with national standard setters
III.
To promote the use and strict application of financial accounting standards
11. Which  of the following  are parts of the “due process” of the IASB in issuing a new
International Financial Reporting Standard?
I. Establishing an advisory committee to give advice
II. Developing and publishing a discussion document for public comment
III    Issuance of an interpretation as authoritative guidance
IV   Reviewing compliance and enforcement procedures
V    Issuance of the final standard with number and title
12.