Chapter1 exercise

1. The process by which an organizaƟon creates the potenƟal for a) realizable income and/or b) future benefits for stakeholders. A. Financial accounƟng B. Stewardship C. EnƟty perspecƟve D. Value creaƟon 2. The process that culminates in the preparaƟon of financial reports for the company as a whole for use by both internal and external parƟes. Also known as Financial reporƟng. A. Managerial accounƟng B. General-purpose financial statements C. Due process D. Financial accounƟng 3. ParƟes who rely on and use financial statements and other financial documents to make decisions. A. Ontario SecuriƟes Commission (OSC) B. InternaƟonal Financial ReporƟng Standards (IFRS) C. Stakeholders D. CPA Canada Handbook 4. A group that provides strategic advice to the IASB (InternaƟonal AccounƟng Standards Board). A. AccounƟng Standards board (AcSB) B. IFRS Advisory Council C. Adverse selecƟon D. Proprietary perspecƟve 5. The group primarily responsible for seƫng GAAP in Canada, which publishes the CPA Canada Handbook and other authoritaƟve documents. A. AccounƟng Standards Board (AcSB) B. ConservaƟve accounƟng C. InternaƟonal AccounƟng Standards boards (IASB) D. AccounƟng Standard for Private Enterprises (ASPE) Answers: 1D 2D 3C 4B 5A
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