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Modern Advanced Accounting In Canada 10th Edition By Darrell TEST BANK
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Student name:__________ 1) In which of the following situations would professional judgment NOT be required in decision making? A) Recognition of revenue. B) The making of accounting estima... tes. C) Disclosure of information in the notes to the financial statements. D) Use of IFRS or ASPE for publicly traded companies in Canada. 2) Which of the following statements pertaining to generally accepted accounting principles (GAAP) is INCORRECT? A) The process of developing GAAP is political. B) If a proposal for a new financial reporting is not accepted by users, it is unlikely to become part of GAAP. C) If an entity that follows GAAP encounters transactions that are not addressed by the CPA Canada Handbook, it is permitted to adopt accounting practices that are consistent with industry practice. D) Publicly traded companies are required to submit financial statements that comply with GAAP to the securities commissions under which they are registered. 3) Which of the following examples does NOT demonstrate the interrelationships of financial statement elements? A) A sale on account will increase assets and equity. B) Depreciation of equipment will decrease assets and decrease equity. C) The payment of a payable will decrease liabilities and increase assets. D) The contribution of capital will increase an asset and increase equity. [Show More]
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