As the Generally Accepted Accounting Principle (GAAP) is a guideline for accounting preparation; what is the stated guideline for auditing preparation in Canada?
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As the Generally Accepted Accounting Principle (GAAP) is a guideline for accounting preparation; what is the stated guideline for auditing preparation in Canada? _______________________________
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- Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by the FASB, which is a set of concepts that guide financial reporting B. generally accepted accounting principles (GAAP) ii. independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) here in the United States C. Securities and Exchange Commission SEC) iii. standards, procedures, and principles companies must follow when preparing their financial statements D. conceptual framework iv. assumes a business will continue to operate in the foreseeable future E. going concern assumption v. independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time period assumption vi. companies can present useful information in shorter time periods such as years, quarters, or monthsProblem 4: Explain the purpose of the Code of Professional Conduct for the accounting profession. What are the six principles, described in detail, with an example of how it applies to the auditor?11. Which of the following statements are true? An accounting Conceptual Framework: (i) Sets out who the users of the accounts are and how it is to be used (ii) Is not an obligatory piece of legislation (iii) Defines concepts such as going concern, relevance and materiality a)All of the above is true Only b) (i) is true c) Only (ii) and (iii) is true d) (i) and (iii) is true 16. Which of the following statements about the accounting regulatory framework is not correct? a) It seeks to safeguard the public’s confidence in financial accounts. b) It ensures maximisation of dividend yield. c) It seeks to curb any attempt by directors to use inappropriate accounting policies and methods. d) It seeks to promote consistency of accounting practices, whilst permitting appropriate exercise of professional judgement. 17. Which of the following statements about the Statement of Cash Flows (SCF) is incorrect? a) Unlike the Statements of Income and of…
- What group or organization is/was responsible for the issuance of Accounting Research Bulletins? Question 15 options: a) Securities and Exchange Commission b) Accounting Principles Board c) Finanical Accounting Standards Board d) Committee on Accounting ProceduresA. 64. Financial accounting standard-setting A. is based solely on research and empirical findings.B. is a legalistic process based on rules promulgated by governmental agencies.C. is democratic in the sense that a majority of accountants must agree with a standardbefore it becomes enforceable.D. can be described as a social process which reflects political actions of various interesteduser groups as well as a product of research and logic.Question 2 Critically discuss SIX causes of differences in accounting practices used in different countries. You must discuss, with relevant examples, how a particular factor contributes to or leads to a particular difference in accounting practices.
- What is a function of the Accounting Standards Board (AcSB)? Question 15 options: It overlooks the accounts department of the federal government. It certifies individuals to provide accounting services. It provides relief to banks during financial crisis. It ensures that accounting firms do not separate their consulting and auditing businesses. It makes rules and policies for accounting firms and businesses.5 A conceptual framework for financial reporting is a statement of generally accepted theoretical principles, which provide the basis for __________________. i)Development of new accounting standards ii)Development of accounting staff through training programs iii)Evaluation of accounting standards which already in existence. iv)Developing quality control methods to enhance the quality of products and services. a. iii) & iv) b. ii) & iv) c. i) & iii) d. i) & ii)13. Which of the following is NOT an obligation or duties of an auditor? a. Inspect account books and accounting systems for efficiency b. Prepare detailed reports on audit findings c. Examine and evaluate financial and information systems d. Helps to prepare the financial statements of companies
- 115-Assume that you are a consultant in a private accounting firm that provide consultancy to the companies by charging fee. There is seminar where you are given the task to explain the main purpose of the conceptual framework related to financial statements only. So, which of the following points you will choose to present? a. It helps in international accounting standard board in overall development b. It helps in setting national standards in developing countries c. It helps auditor about making any opinion about various statements d. All of the options7. The notes to financial statements of an entity shallI. Present information about the basis of preparation of the financial statements and the specific accounting policies used.II. Disclose the information required by Philippine Financial Reporting Standards that is not presented elsewhere in the financial statements.III. Provide additional information which is not presented on the face of the financial statements but that is necessary for a fair presentation.a. I , II and IIIb. I and II onlyc. I and III onlyd. I only8. The summary of accounting policies section of the notes to financial statements shall describea. Only the measurement basis used in preparing the financial statementsb. Only the specific accounting policies followed by the entityc. Both the measurement basis and accounting policies followedd. Nature of the entity’s operations and its principal activities9. An entity is required to disclose nonfinancial information. Which is not embraced in this disclosure?a. A…Question 4 The main objective of XBRL is to: A. Produce a comprehensive body of accounting standards B. Assist the Securities and Exchange Commission in enforcement of FASB standards C. Facilitate the publication, exchange, and processing of financial and business information D. Define all the elements financial statements