Question :
81. _____ measure the inflows of assets (or reductions in liabilities) : 1230272
81. _____ measure the inflows of assets (or reductions in liabilities) from selling goods and providing services to customers.
A. Revenues
B. Expenses
C. Cash inflows
D. Cash-outflows
E. Shareholder equity
82. _____ measure the outflow of assets (or increases in liabilities) used in generating revenues.
A. Revenues
B. Expenses
C. Cash inflows
D. Cash-outflows
E. Shareholder equity
83. _____ reports information about cash generated from (or used by) operating, investing, and financing activities during specified time periods.
A. Statement of sources and uses of cash
B. Statement of cash flows
C. Statement of cash receipts and disbursements
D. Funds flow statement
E. Balance sheet
84. The financial statements present aggregated information, for example, the total amount of land, buildings, and equipment. Financial reports provide more detail for some of the items reported in the financial statements, and they provide additional explanatory material to help the user to understand the information in the financial statements. This information appears in _____ that are an integral part of the financial reports.
A. management’s discussion and analysis
B. external auditors report
C. internal auditors report
D. press releases
E. schedules and notes
85. FASB board members make standard-setting decisions guided by a conceptual framework that addresses the qualitative characteristics of accounting information. Which of the qualitative characteristics of accounting information holds that the information should be pertinent to the decisions made by users of financial statements, in the sense of having the capacity to affect their resource allocation decisions?
A. Relevance
B. Reliability
C. Comparability.
D. Subjective
E. all of the above
86. FASB board members make standard-setting decisions guided by a conceptual framework that addresses the qualitative characteristics of accounting information. Which of the qualitative characteristics of accounting information holds that the information should represent what it is supposed to represent, in the sense that the information should correspond to the phenomenon being reported, and it should be verifiable and free from bias?
A. Relevance
B. Reliability
C. Comparability.
D. Subjective
E. all of the above
87. FASB board members make standard-setting decisions guided by a conceptual framework that addresses the qualitative characteristics of accounting information. Which of the qualitative characteristics of accounting information holds that the information should facilitate comparisons across firms and over time.
A. Relevance
B. Reliability
C. Comparability.
D. Subjective
E. all of the above
88. Concerns over the quality of financial reporting have led, and continue to lead, to government initiatives in the United States. For example, the _____, among other things, established the Public Company Accounting Oversight Board (PCAOB), which is responsible for monitoring the quality of audits of SEC registrants. This Act requires the PCAOB to register firms conducting independent audits of SEC registrants; establish or adopt acceptable auditing, quality control, and independence standards; and provide for periodic inspections of the registered auditors.
A. Securities and Exchange Act of 1933
B. Securities and Exchange Act of 1934
C. Investment Advisors Act of 1940
D. Sarbanes-Oxley Act of 2002
E. Investment Company Act of 1940
89. The _____ is an independent accounting standard-setting entity with 14 voting members from a number of countries.
A. Public Companies Accounting Oversight Board (PCAOB)
B. International Accounting Standards Board (IASB)
C. American Institute of Certified Public Accountants (AICPA)
D. World Institute of Certified Public Accountants (WICPA)
E. International Institute of Certified Public Accountants (IICPA)
90. Regulatory bodies generally require firms whose securities trade publicly (for example, common shares) to obtain an audit of their financial reports by _____.
A. the audit committee
B. the vice-president for finance
C. an internal auditor.
D. an independent external auditor.
E. the controller
