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Net income would not appear in which financial statement? a. Statement of cash flows

Net income would not appear in which financial statement?

 

a.

Statement of cash flows

b.

Income statement

c.

Statement of retained earnings

d.

Balance sheet

 

 

 

151.The bottom-line amount of the statement of retained earnings would also appear on

 

a.

the income statement.

b.

the balance sheet.

c.

the statement of cash flows.

d.

no other financial statement.

 

 

 

152.Which of the following is a regulatory agency?

 

a.

SEC

b.

IASB

c.

GASB

d.

FASB

 

 

 

153.The authoritative body currently responsible for establishing accounting practice is the

 

a.

Financial Accounting Standards Board.

b.

American Institute of Certified Public Accountants.

c.

Internal Revenue Service.

d.

Federal Reserve Board.

 

 

 

154.Generally accepted accounting principles

 

a.

are changing continually.

b.

have eliminated all the weaknesses in accounting practice.

c.

are sound in theory but rarely used in practice.

d.

are accounting rules formulated by the Internal Revenue Service.

 

 

 

155.Standards for state and local governments are established by the

 

a.

IASB.

b.

GASB.

c.

IRS.

d.

AICPA.

 

 

 

156.The purpose of an audit is to

 

a.

comply with income tax regulations.

b.

ascertain that the financial statements follow GAAP.

c.

determine whether or not a company is a good investment.

d.

determine whether or not a company is a good credit risk.

 

 

 

157.An auditor maintains no direct financial interest in the company he or she is auditing. The principle being followed is

 

a.

independence.

b.

due care.

c.

objectivity.

d.

integrity.

 

 

 

158.Carrying out professional responsibilities with competence and diligence is called

 

a.

due care.

b.

integrity.

c.

objectivity.

d.

independence.

 

 

 

159.Which of the following is not one of the broad principles underlying the accountant's code of professional ethics?

 

a.

Integrity

b.

Objectivity

c.

Loyalty

d.

Independence

 

 

 

160.The development of international accounting standards is the primary function of the

 

a.

PCAOB.

b.

IASB.

c.

AICPA.

d.

IRS.

 

 

 

161.The return on assets ratio is expressed in terms of

 

a.

days.

b.

dollars.

c.

a percentage.

d.

units.

 

 

 

162.The Public Company Accounting Oversight Board was created by the

 

a.

IASB.

b.

Sarbanes-Oxley Act.

c.

GASB.

d.

IRS.

 

 

 

163.The key bodies responsible for devising international financial reporting standards are

 

a.

the IRS and the SEC.

b.

the IASB and the FASB.

c.

the PCAOB and the AICPA.

d.

the GASB and the IMA.

 

 

Dec 10 2019 View more View Less

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