Home / Questions / 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 |
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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. |
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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. |
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b. |
GASB. |
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c. |
IRS. |
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d. |
AICPA. |
156.The purpose of an audit is to
|
a. |
comply with income tax regulations. |
|
b. |
ascertain that the financial statements follow GAAP. |
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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. |
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b. |
due care. |
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c. |
objectivity. |
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d. |
integrity. |
158.Carrying out professional responsibilities with competence and diligence is called
|
a. |
due care. |
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b. |
integrity. |
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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. |
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c. |
a percentage. |
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d. |
units. |
162.The Public Company Accounting Oversight Board was created by the
|
a. |
IASB. |
|
b. |
Sarbanes-Oxley Act. |
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c. |
GASB. |
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d. |
IRS. |
163.The key bodies responsible for devising international financial reporting standards are
|
a. |
the IRS and the SEC. |
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b. |
the IASB and the FASB. |
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c. |
the PCAOB and the AICPA. |
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d. |
the GASB and the IMA. |
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