Answered: Which of the following are elements of…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.13E

See similar textbooks

Related questions

Question

Which of the following are elements of a single, widely accepted set of high-quality accounting standards?

a) Common laws and common application of accounting standards.

b) Common education of market participants and common currency.

c) Common boards of directors and common enforcement.

d) Common delivery systems and common high-quality auditing standards.

The objective of financial reporting

a) is focused on stewardship.

b) is focused on management decisions.

c) is focused on equity investors, lenders, and other creditors in making decisions.

d) is communicated in the president's letter.

A company is viewed as separate and distinct from its owners when a(n) ________ perspective is adopted.

a) entity

b) proprietary

c) governance

d) stewardship

A company using IFRS to prepare its financial statements will use a hierarchy to determine what recognition, valuation, and disclosure requirements should be used.
1. IFRS, IAS, IFRS Interpretations
2. Pronouncements of other standard-setting bodies
3. The Conceptual Framework for Financial Reporting
Which of the following depicts the correct order of the hierarchy?

a) 2, 3, 1.

b) 3, 2, 1.

c) 1, 3, 2.

d) 1, 2, 3.

The International Organization of Securities Commissions (IOSCO)

a) is an association of organizations that regulate the world’s securities markets.

b) does not set accounting standards.

c) supports the development and use of IFRS.

d) all of these answer choices are correct.

Which of the following is not a major challenge facing the accounting profession?

a) Timeliness.

b) Accounting for hard assets.

c) Forward-looking information.

d) Nonfinancial measurements.

The international financial reporting environment includes challenges in financial reporting including all of the following except:

a) Decision-usefulness.

b) Political environment.

c) Expectations gap.

d) Ethics.

Significant financial reporting issues facing global financial reporting and efficient capital allocation include all of the following except:

a) How to provide real-time financial statement information.

b) How to report nonfinancial measures such as customer satisfaction.

c) How to provide backward-looking information.

d) How to provide forward-looking information.

From the four statements that follow, which are true?
1. Technical competence is not enough when encountering ethical decisions.
2. The pressures "to bend the rules," "to play the game," "to just ignore it" can be considerable.
3. Time, job, client, personal, and peer pressures do not complicate the process of ethical sensitivity and selection among alternatives.
4. The decision may be easier because there is no comprehensive ethical system to provide guidelines.

a) 1, 2, and 4 are all true.

b) 2 and 4 are all true.

c) 1 and 2 are all true.

d) 1, 2, 3, and 4 are all true.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions