Which is not a purpose of the IASB’s Conceptual Framework? -To assist auditors in forming an opinion as to whether financial statements conform to generally accepted accounting principles (GAAP). -D. To assist all parties to understand and interpret standards. To assist the IASB to develop IFRS standards that is based on consistent concepts. -To assist preparers to develop consistent accounting policies when no -----Standard applies to a particular transaction or other event, or when a standard allows a choice of accounting policy. Accounts Receivable when classified as trade will always be a? -Long Term Asset -Current Asset -Historical Asset -Non-Current Asset Which of the following statements describing a corporation is not true? -Shareholders own the business and manage its day-today affairs. -A corporation is subject to a greater governmental regulation than a single proprietorship or partnership. -Shareholders are the owners of a stock corporation. -When ownership of a corporation changes, the corporation does not terminate.
Which is not a purpose of the IASB’s Conceptual Framework? -To assist auditors in forming an opinion as to whether financial statements conform to generally accepted accounting principles (GAAP). -D. To assist all parties to understand and interpret standards. To assist the IASB to develop IFRS standards that is based on consistent concepts. -To assist preparers to develop consistent accounting policies when no -----Standard applies to a particular transaction or other event, or when a standard allows a choice of accounting policy. Accounts Receivable when classified as trade will always be a? -Long Term Asset -Current Asset -Historical Asset -Non-Current Asset Which of the following statements describing a corporation is not true? -Shareholders own the business and manage its day-today affairs. -A corporation is subject to a greater governmental regulation than a single proprietorship or partnership. -Shareholders are the owners of a stock corporation. -When ownership of a corporation changes, the corporation does not terminate.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter1: The Demand For And Supply Of Financial Accounting Information
Section: Chapter Questions
Problem 2C
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Which is not a purpose of the IASB’s Conceptual Framework?
-To assist auditors in forming an opinion as to whether financial statements conform to generally accepted accounting principles (GAAP).
-D. To assist all parties to understand and interpret standards.
To assist the IASB to develop IFRS standards that is based on consistent concepts.
-To assist preparers to develop consistent accounting policies when no -----Standard applies to a particular transaction or other event, or when a standard allows a choice of accounting policy.
-Long Term Asset
-Current Asset
-Historical Asset
-Non-Current Asset
Which of the following statements describing a corporation is not true?
-Shareholders own the business and manage its day-today affairs.
-A corporation is subject to a greater governmental regulation than a single proprietorship or partnership .
-Shareholders are the owners of a stock corporation.
-When ownership of a corporation changes, the corporation does not terminate.
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