31. Which of the following items will be found in a corporate annual report?
A. Industry standards
B. Notes to the financial statements
C. Selected financial data from non-competitor companies
D. Management’s statement on auditors responsibility for the financial statements.
32. Which one of the following items is least likely to be found in a corporate annual report?
A. Notes to the financial statements
B. Internal budget reports
C. Auditor’s report
D. Management’s discussion and analysis
33. Management’s discussion and analysis:
A. is a report of the independent accountants.
B. can be a substituted for the notes to the financial statements.
C. provides a discussion and analysis of the financial activities of the company by the company’s management.
D. provides assurances that the auditors are responsible for the financial statements.
34. In which section of the annual report would you find: “The financial statements, in our opinion, present fairly the financial position, operating results, and cash flows, in conformity with U.S. generally accepted accounting principles”?
A. Management report
B. Notes to the financial statements
C. Management’s discussion and analysis
D. Independent auditor’s report
35. Which of the following represents one of the purposes of the auditor’s report?
A. To provide a place for management to justify questionable items in the statements
B. To provide comparative ratios for the company’s financial data
C. To provide the CPA’s opinion of the fairness of the financial statements
D. To satisfy the need for full disclosure of all the facts relevant to a company’s results and financial position
36. Which of the following organizations is primarily responsible for establishing GAAP in the United States?
A. Securities and Exchange Commission (SEC)
B. Financial Accounting Standards Board (FASB)
C. International Accounting Standards Board (IASB)
D. Internal Revenue Service (IRS)
37. The Securities Exchange Commission (SEC) is concerned with:
A. developing a new conceptual framework in order to reduce differences in financial reports for global companies.
B. setting accounting rules for all companies that are incorporated in the United States.
C. setting accounting rules for publicly-traded companies in the United States.
D. working to reduce differences in accounting reports issued by governmental units.
38. Which organization has the power to set accounting rules for companies whose stock is publicly-traded in the U.S. stock markets, but has delegated its power to another organization?
A. International Accounting Standards Board (IASB)
B. Financial Accounting Standards Board (FASB)
C. General Association of Accounting Practitioners (GAAP)
D. Securities and Exchange Commission (SEC)
39. Most businesses in the United States are:
A. sole proprietorships.
B. partnerships.
C. corporations.
D. separate entities.
40. Which of the items below is a business entity?
A. Sole proprietorship
B. Labor union
C. Entreprenuersip
D. Political union
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