A) financial finformation
B) economic fentity
C) user fgroups
D) legal, feconomic, fpolitical, fand fsocial
fenvironment fAnswer: f C
Diff: f1
Objective: f 1.1
fIFRS/GAAP:
f GAAP/IFRS
AACSB: f f Application fof fknowledge
13) Which fof fthe ffollowing fis fnot fone fof fthe ffour fbasic ffinancial fstatements?
A) balance fsheet
B) trial fbalance
C) cash fflows fstatement
D) statement fof fcomprehensive fincome
fAnswer: f B
Diff: f1
Objective: f 1.1
fIFRS/GAAP:
f GAAP/IFRS
AACSB: f f Application fof fknowledge
14) Which forganization fis fresponsible ffor fpromulgating fU.S. fGAAP?
A) Financial f Accounting fStandards f Board
B) Public fCompany fAccounting fOversight fBoard
C) International fAccounting fStandards f Board
D) Securities fand fExchange fCommission
fAnswer: f A
Diff: f1
Objective: f 1.1
fIFRS/GAAP:
f GAAP/IFRS
AACSB: f f Application fof fknowledge
15) Which forganization fis fresponsible ffor fsetting fauditing fstandards fand foverseeing fthe faudits fof
fpublic fcompanies fin fthe fUnited fStates?
A) Financial fAccounting fStandards f Board
B) Public fCompany fAccounting fOversight fBoard
C) American fInstitute fof fCertified fPublic fAccountants
D) Securities fand fExchange fCommission
fAnswer: f B
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