A: narrow the range within which management estimates can be seen as reasonable.
B: make financial statements comparable to one another.
C: are disclosed on Form 8 -K by publicly traded firms in the United States.
举一反三
- Which of the following statements about financial statements and reporting standards is least accurate（） A: Reporting standards focus mostly on format and presentation and allow management wide latitude in assumptions. B: The objective of financial statements is to provide economic decision makers with useful information. C: Reporting standards ensure that the information in financial statements is useful to a wide range of users.
- Which of the following statements about financial statements and reporting standards is least accurate（） A: Reporting standards focus mostly on format and presentation and allow management wide latitude in assumptions. B: The objective of financial statements is to provide economic decision makers with useful information. C: Financial statements could potentially take any form if reporting standards didn’t exist.
- Which of the following statements is least likely to be one of the conclusions about the impact of a change in financial reporting standards that might appear in management"s discussion and analysis A: Management is currently evaluating the impact of the new standard. B: The new standard will not have a material impact on the company"s financial statement. C: Management has chosen to revise the new standard according to the requirement of the company.
- Which of the following organizations is least likely involved with enforcing compliance with financial reporting standards A: Financial Service Authority (FSA). B: Securities and Exchange Commission (SEC). C: International Accounting Standards Board (IASB).
- The responsibilities of management include （ ） A: preparing for financial statements B: Establishing effective internal control over financial reporting¡ C: Compliance of regulations of companies D: Complaince with auditing standards
内容
- 0
The responsibilities of management include A: preparing for financial statements B: establishing effective internal control over financial reporting C: compliance of regulations of companies D: compliance with auditing standards
- 1
Firms that prepare their financial statements according to International Financial Reporting Standards (IFRS) are least likely to:（） A: revalues balance sheet assets upward. B: use last-in, first-out inventory accounting. C: use proportionate consolidation for a joint venture.
- 2
According to International Financial Reporting Standards, which of the following is one of the conditions that must be met for revenue recognition to occur（） A: Costs can be reliably measured. B: Payments has been partially received. C: Goods have been delivered to the customer.
- 3
Which of the following is a true statement about International Financial Reporting Standards? A: They are not needed for U.S. businesses since the United States already has the strongest accounting standards in the world. B: They are more exact (contain more rules) than U.S. generally accepted accounting principles. C: They are converging gradually with U.S. standards. D: They are not being applied anywhere in the world yet, but soon they will be.
- 4
Which of the following statements about inventory accounting is least accurate（） A: If a U. S. firm uses LIFO for tax reporting it must use LIFO for financial reporting. B: During periods of rising prices, FIFO based current ratios will be smaller than LIFO based current ratios. C: U.S. GAAP rules require the use lower of cost or market when reporting inventories.