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Worksheets18A4 - Corporate Accounting and Regulation - Introduction
Total questions: 5
Worksheet time: 4mins
Which of the following is not the element of financial statements?
Assets
Shareholders
Revenues
Gains
Two sets of standards accepted for international use:
FASB Standards and IFRS
GAAP and IFRS
GAAP and FASB Standards
None of the above.
What is the purpose of information presented in notes to the financial statements?
To correct improper presentation in the financial statements.
To provide disclosure required by generally accepted accounting principles.
To present management’s responses to auditor comments.
To provide recognition of amounts not included in the totals of the financial statements.
(a) are interested in assessing the company’s ability to generate net cash inflows and management’s ability to protect and enhance the capital providers’ investments.
Objective of financial reporting is provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in making decisions in their capacity as (a)
