Which of the following best describes the idea that the FASB operates in full view of the public and gives interested parties ample opportunity to make their views known?
Intermediate Accounting I – Chapter 1
1. The financial statements most frequently provided include all of the following except the:
a. balance sheet.
b. statement of cash flows.
c. statement of retained earnings.
d. statement of stockholders’ equity.
2. All of the following are objectives of financial reporting except to provide information:
a. about enterprise resources, claims to those resources, and changes in them.
b. that is useful in investment and credit decisions.
c. about the management and major shareholders of an enterprise.
d. that is useful in assessing cash flow prospects.
3. Which of the following best describes the idea that the FASB operates in full view of the public and gives interested parties ample opportunity to make their views known?
a. Due process.
b. Increased independence.
c. Broader representation.
d. Greater autonomy.
4. The _______ has oversight and enforcement authority and establishes auditing, quality control, and independence standards and rules.
a. FASB.
b. PCAOB.
c. SEC.
d. IRS.
5. International Financial Reporting Standards (IFRSs) are issued by the:
a. FASB
b. IASB
c. SEC
d. EU
6. Which of the following relate to the need for one set of international accounting standards?
a. Information technology.
b. Mergers and acquisitions.
c. Financial markets.
d. All of these choices are correct.
