IFRS stands for:
A) International and Foreign Reporting Systems.
B) International Financial Reporting Standards.
C) Important Foreign Registering Systems.
D) International and Foreign Registering Standards.
22) XBRL stands for:
A) eXtensible Business Reporting Language.
B) eXisting Business Responsibility Language.
C) eXtensive Business Registering Location.
D) eXtractable Business Reporting Location.
23) The advantages of XBRL include decreases in the need for manual searches through corporate reports for specific pieces of information as well as facilitating the comparison of companies results to industry averages and to each other.
24) XBRL is essentially a:
A) new set of accounting standards.
B) new set of auditing standards.
C) a tagging system which allows computer programs to extract information from financial reports.
D) new set of ethical standards.
25) Which of the following statements about XBRL is FALSE?
A) The US is the first country to mandate use of XBRL.
B) XBRL will decrease the need for manual financial information searches.
C) XBRL is only required for publicly-traded companies.
D) XBRL should decrease the time companies spend converting their financial information into various government-prescribed formats.
26) The philosophy and a business strategy of manufacturing without waste is referred to as:
A) lean production.
B) thin manufacturing.
D) ISO 900
27) Companies attempt to increase their competitive edge by adopting:
A) green initiatives.
B) lean production.
D) all of the above.
28) Movements toward sustainability and corporate responsibility often:
A) include green initiatives.
B) result in increased demand for the company's product or service.
C) include monetary support of local schools and charities.
D) do all of the above.
29) Why was the Sarbanes-Oxley Act enacted?
A) To hire better qualified managerial accountants
B) To prevent accounting scandals like Enron
C) To restore trust in publicly traded companies
D) None of the above
30) Which is NOT a result of Sarbanes-Oxley?
A) Audit committees must be independent.
B) The COO assumes financial statement responsibility.
C) There are new requirements for CPA firms.
D) There are stiffer consequences for white-collar crimes.
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