Accounting > QUESTIONS & ANSWERS > ADM2342 Intermediate Financial Accounting I Sample Multiple Choice Midterm Questions and Answer Key (All)

ADM2342 Intermediate Financial Accounting I Sample Multiple Choice Midterm Questions and Answer Key

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1. The body that has the responsibility to set generally accepted accounting principles in Canada is the • FASB • IASB • AcSB • OSC 2. The preparation by some companies of biased informa ... tion is sometimes referred to as • conservative financial reporting • aggressive financial reporting • full disclosure of all material facts • management stewardship 3. Which of the following parties is not instrumental in the development of financial reporting standards in Canada • The financial accountings standards board (FASB) • The provincial securities commissions • The international accounting standards board (IASB) • The American institute of certified public accountants. 4. Which of the following is not a stakeholder in the Canadian Financial reporting environment? • Investors • Creditors • Auditors • All of the above 5. In establishing financial accounting standards “due process” refers to • The process of giving interested parties ample opportunity to express their views • The practice of researching, creating a task force, issuing an exposure draft and establishing the new GAAP [Show More]

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