Cornerstones Of Financial Accounting, First Canadian Edition Test Bank

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Test Bank to accompanyCornerstones of Financial Accounting,FirstCanadian EditionTABLE OF CONTENTSChapter 1 Accounting and the Financial Statements .......................................................1-1Chapter 2 The Accounting Information System ..............................................................2-1Chapter 3 Accrual Accounting.........................................................................................3-1Chapter 2 Internal Control and Cash ...............................................................................4-1Chapter 5 Revenue and Receivables................................................................................5-1Chapter 6 Cost of Goods Sold and Inventory ..................................................................6-1Chapter 7 Property, Plant, and Equipment; Intangibles; and Natural Resources ............7-1Chapter 8 Current Liabilities ...........................................................................................8-1Chapter 9 Long-Term Liabilities .....................................................................................9-1Chapter 10 Shareholders’ Equity...................................................................................10-1Chapter 11 The Statement of Cash Flows......................................................................11-1Chapter 12 Investments..................................................................................................12-1Chapter 13 Financial Statement Analysis ......................................................................13-1

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Chapter 1—Accounting and the Financial StatementsTRUE/FALSE1.The majority of business in Canada is conducted by corporations.ANS:TPTS:1DIF:EasyOBJ:1-2NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-01-Purpose2.The three main business activities are financing, operating, and investing.ANS:TPTS:1DIF:EasyOBJ:1-2NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-03-Business Forms3.Internal users of accounting information include present creditors and management.ANS:FPTS:1DIF:EasyOBJ:1-1NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-01-Purpose4.The income statement summarizes the assets, liabilities and shareholders’ equity for a period of time.ANS:FPTS:1DIF:EasyOBJ:1-3NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement5.The four basic financial statements are the income statement, statement of retained earnings, balancesheet, and statement of cash flows.ANS:TPTS:1DIF:EasyOBJ:1-3NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement6.The amount of earnings distributed to shareholders can be found in the income statement as anexpense.ANS:FPTS:1DIF:ModerateOBJ:1-5 | 1-6NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement7.Shareholders’ equity is composed of two main sources: liabilities and contributed capital.ANS:FPTS:1DIF:EasyREF:CS1-2OBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement8.The first step in preparing the classified balance sheet is to list the assets in order of liquidity.ANS:FPTS:1DIF:ModerateREF:CS1-2OBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement

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Chapter 1 Accounting and the Financial StatementsTest Bank9.The only financial statement that reports the retained earnings balance at the end of the period is thestatement of retained earnings.ANS:FPTS:1DIF:ModerateOBJ:1-4 | 1-6NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement10.An income statement provides information at one specific point in time, while the other basic financialstatements provide information on activities that occur over a period of time.ANS:FPTS:1DIF:ModerateOBJ:1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement11.When an entity’s share issuances exceed its expenses for a period of time, the entity will report netincome.ANS:FPTS:1DIF:ModerateREF:CS1-3OBJ:1-5NAT: AICPA FN-Measurement | AACSB Communication | ACBSP-APC-09-Financial Statement12.Contributed capital is the residual interest that remains after deducting liabilities from shareholders’equity.ANS:FPTS:1DIF:ModerateREF:CS1-2OBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement13.The four steps in preparing the income statement are: 1) prepare a heading; 2) list the revenues of thecompany; 3) list the expenses of the company; and 4) list the dividends of the company.ANS:FPTS:1DIF:ModerateREF:CS1-3OBJ:1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement14.Shareholders’ equity is composed of contributed capital and retained earnings.ANS:TPTS:1DIF:ModerateOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement15.The primary objective of internal auditors who are employees of the company is to provide assuranceto the company’s shareholders that the financial statements are fairly presented.ANS:FPTS:1DIF:EasyOBJ:1-9NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-01-Purpose16.The independent auditor’s report conveys whether or not the business is a good investment.ANS:FPTS:1DIF:ModerateOBJ:1-9NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-01-Purpose

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Chapter 1 Accounting and the Financial StatementsTest Bank17.The statement of cash flows shows cash inflows and cash outflows for a period of time.ANS:TPTS:1DIF:ModerateOBJ:1-7NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement18.Because the four financial statements are interrelated (i.e., there is a natural progression from onefinancial statement to another), the balance sheet should be prepared first.ANS:FPTS:1DIF:ModerateOBJ:1-8NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement19.The company’s annual report includes an audit report, notes to the financial statements, but NOTmanagement’s discussion and analysis.ANS:FPTS:1DIF:ModerateOBJ:1-9NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-01-Purpose20.Investing is the business activity that measures the company’s ability to generate cash from its revenueand expense activities.ANS:FPTS:1DIF:EasyOBJ:1-2NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-03-Business Forms21.The owners of a sole proprietorship, partnership, and corporations have limited liability.ANS:FPTS:1DIF:EasyOBJ:1-1NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-01-Purpose22.The purpose of financial reporting is to provide economic information to investors, creditors, and otherfinancial statement users.ANS:TPTS:1DIF:EasyOBJ:1-1NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-01-Purpose23.Creditors use accounting information to evaluate whether to loan money to a company.ANS:TPTS:1DIF:EasyOBJ:1-1NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-01-Purpose24.Current assets include all of the following: cash, inventory, equipment, supplies, and accountsreceivable.ANS:FPTS:1DIF:EasyOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement25.Current liabilities are typically listed in the order in which they will be paid.ANS:TPTS:1DIF:ModerateOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement

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Chapter 1 Accounting and the Financial StatementsTest Bank26.Three common categories of long-term assets are: 1) property, plant, and equipment; 2) long-terminvestments; and 3) intangibles.ANS:TPTS:1DIF:EasyREF:CS1-2OBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement27.In the shareholders’ equity section of a classified balance sheet, a distinction is made between amountsinvested by owners and amounts financed by creditors.ANS:FPTS:1DIF:ModerateREF:CS1-2OBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement28.One primary purpose of a classified balance sheet is to help users evaluate the working capital of acompany.ANS:TPTS:1DIF:EasyOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement29.A classified balance sheet is to help users determine how a company obtained its resources.ANS:TPTS:1DIF:EasyREF:CS1-2OBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement30.The current ratio is useful in determining a company’s ability to pay obligations when they becomedue.ANS:TPTS:1DIF:ModerateOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-23-Financial StatementAnalysis31.Income from operations includes interest revenue and interest expense because these items areconsidered to be operating in nature.ANS:FPTS:1DIF:ModerateOBJ:1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement32.Net loss reduces a company’s retained earnings balance.ANS:TPTS:1DIF:ModerateREF:CS1-4OBJ:1-6NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement33.Dividend payments appear on the statement of retained earnings.ANS:TPTS:1DIF:ModerateREF:CS1-3 | CS1-4OBJ:1-6NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement

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Chapter 1 Accounting and the Financial StatementsTest Bank34.The statement of cash flows, like the income statement, reports only operating activities and otheractivities of a company.ANS:FPTS:1DIF:EasyOBJ:1-8NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement35.The ending cash balance is shown on the balance sheet and the statement of retained earnings.ANS:FPTS:1DIF:ModerateOBJ:1-8NAT: AICPA FN-Reporting |AACSB Communication | ACBSP-APC-09-Financial Statement36.The company’s annual report includes a section called Management’s Discussion and Analysis.ANS:TPTS:1DIF:ModerateOBJ:1-9NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement37.Independent auditors render an opinion that the financial statements do or do not fairly present acompany’s financial position, operating results, and cash flows.ANS:TPTS:1DIF:ModerateOBJ:1-9NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement38.An independent auditor’s report is a guarantee that the financial statements are free from fraud ormaterial error.ANS:FPTS:1DIF:ModerateOBJ:1-9NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement39.In the independent auditors’ report included with the annual report, management discusses thefinancial statements and provides the shareholders with explanations for certain amounts reported inthe statements.ANS:FPTS:1DIF:ModerateOBJ:1-9NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement40.A company with healthy cash flows from operating activities is in a good position to repay its debts.ANS:TPTS:1DIF:EasyOBJ:1-7NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement

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Chapter 1 Accounting and the Financial StatementsTest BankCOMPLETION1.External users and outside decision makers use ____________________ accounting.ANS:financialPTS:1DIF:EasyOBJ:1-1NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-01-Purpose2.The three forms of business organizations are ____________________, ____________________, and____________________.ANS:sole proprietorships, partnerships, corporationspartnerships, corporations, sole proprietorshipscorporations, sole proprietorships, partnershipsPTS:1DIF:EasyOBJ:1-2NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-03-Business Forms3.The type of business activity that relates to obtaining funds from either issuing shares or borrowingmoney is called ____________________.ANS:financingPTS:1DIF:EasyOBJ:1-2NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-03-Business Forms4.The names of the four basic financial statements are ____________________,____________________, ____________________, and ____________________.ANS:income statement, balance sheet, statement of retained earnings, statement of cash flowsbalance sheet, statement of retained earnings, statement of cash flows, income statementstatement of retained earnings, statement of cash flows, income statement, balance sheetstatement of cash flows, income statement, balance sheet, statement of retained earningsPTS:1DIF:EasyOBJ:1-3NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement5.The fundamental accounting equation is ____________________ = ____________________ +____________________.ANS:assets, liabilities, shareholders’ equityassets, shareholders’ equity, liabilitiesPTS:1DIF:EasyREF:CS1-1OBJ:1-3NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement

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Chapter 1 Accounting and the Financial StatementsTest Bank6.The step of listing the liabilities of the company in order of their time to maturity is performed for afinancial statement called the ____________________.ANS:classified balance sheetPTS:1DIF:ModerateREF:CS1-2OBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement7.Current assets minus current liabilities is called ____________________.ANS:working capitalPTS:1DIF:ModerateOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement8.The financial statement listing revenues, starting with sales revenue (service revenue), is called the____________________.ANS:income statementPTS:1DIF:EasyREF:CS1-3OBJ:1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement9.Both net income and dividends can be found on this financial statement: ____________________.ANS:statement of retained earningsPTS:1DIF:EasyREF:CS1-4OBJ:1-6NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement10.Net income from the income statement increases ____________________.ANS:retained earningsPTS:1DIF:EasyOBJ:1-8NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement11.____________________ have claims to an entity’s economic resources.ANS:CreditorsLendersInvestorsShareholdersPTS:1DIF:ModerateOBJ:1-3NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement

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Chapter 1 Accounting and the Financial StatementsTest Bank12.____________________ are cash and other assets that are reasonably expected to be converted intocash within one year or operating cycle, whichever is longer.ANS:Current AssetsPTS:1DIF:ModerateOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement13.Property, plant, and equipment is classified as ____________________ assets on the balance sheet.ANS:noncurrentPTS:1DIF:EasyREF:CS1-2OBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement14.____________________ is a liquidity measure that is calculated by subtracting current assets fromcurrent liabilities.ANS:Working capitalPTS:1DIF:EasyOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-23-Financial StatementAnalysis15.The ability of a company to pay its debt as it comes due relates to ____________________.ANS:liquidityPTS:1DIF:EasyOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-23-Financial StatementAnalysis16.In a(n) ____________________-step income statement, all expenses and losses are added togetherthen deducted from the sum of all revenues and gains.ANS:singlePTS:1DIF:EasyOBJ:1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement17.The statement of cash flows classifies cash flow into these three categories: ____________________,____________________, and ____________________.ANS:operating, investing, financinginvesting, financing, operatingfinancing, operating, investingPTS:1DIF:EasyOBJ:1-7NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement

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Chapter 1 Accounting and the Financial StatementsTest Bank18.The three financial statements in which net income can be found are the ____________________,____________________, and ____________________.ANS:income statement, statement of retained earnings, statement of cash flows using the indirect methodstatement of retained earnings, statement of cash flows using the indirect method, income statementstatement of cash flows using the indirect method, income statement, statement of retained earningsPTS:1DIF:ModerateOBJ:1-8NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement19.The demand for accounting information comes from users both inside and outside the business. Thefive user groups discussed in the text include ____________________, ____________________,____________________, ____________________, and ____________________.ANS:managersemployeesinvestorscreditorsgovernmentsPTS:1DIF:EasyOBJ:1-1NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-01-Purpose20.The current ratio is found by dividing current assets by ____________________.ANS:current liabilitiesPTS:1DIF:EasyOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-23-Financial StatementAnalysis

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Chapter 1 Accounting and the Financial StatementsTest BankMATCHINGProvided is a list of important users of accounting information. Also provided are descriptions of amajor need for accounting information that may be experienced by the various users. Identify the oneuser group that is most likely to have the need described.(Choices may be used more than once.)a.investorsb.managementc.supplierd.bankere.governmentf.employeesg.labour unionh.investorsandbankeri.supplierandbanker1.prospects for future dividend payments2.prospects for getting a raise this year3.profitability of the company based upon the tax authorities4.effectiveness of the last advertising campaign5.exact amount of profit on each product of the company6.ability of the company to pay its debts as they become due7.company’s labour rate agreed to on the last contract1.ANS:APTS:1DIF:ChallengingOBJ:1-1NAT: AICPA FN-Reporting | AACSB Analytic | ACBSP-APC-01-Purpose2.ANS:FPTS:1DIF:ChallengingOBJ:1-4NAT: AICPA FN-Reporting | AACSB Analytic | ACBSP-APC-01-Purpose3.ANS:EPTS:1DIF:ChallengingOBJ:1-4NAT: AICPA FN-Reporting | AACSB Analytic | ACBSP-APC-01-Purpose4.ANS:BPTS:1DIF:ChallengingOBJ:1-4NAT: AICPA FN-Reporting | AACSB Analytic | ACBSP-APC-01-Purpose5.ANS:BPTS:1DIF:ChallengingOBJ:1-4NAT: AICPA FN-Reporting | AACSB Analytic | ACBSP-APC-01-Purpose6.ANS:IPTS:1DIF:ChallengingOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-01-Purpose7.ANS:GPTS:1DIF:ChallengingOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-01-Purpose

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Chapter 1 Accounting and the Financial StatementsTest BankSeveral items from the financial statements of Fireside Tires are listed. Use the following choices toidentify the type of account for each item listed.(Choices may be used more than once.)a.assetsb.liabilitiesc.revenuesd.expensese.shareholders’ equity8.Inventory9.Net sales10.Unearned revenue11.Interest income12.Research and development expense13.Accounts receivable14.Common shares15.Long-term notes payable16.Cash17.Retained earnings18.Patents8.ANS:APTS:1DIF:EasyREF:CS1-2OBJ:1-4 | 1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement9.ANS:CPTS:1DIF:EasyREF:CS1-3OBJ:1-4 | 1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement10.ANS:BPTS:1DIF:EasyREF:CS1-2OBJ:1-4 | 1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement11.ANS:CPTS:1DIF:EasyREF:CS1-3OBJ:1-4 | 1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement12.ANS:DPTS:1DIF:EasyREF:CS1-3OBJ:1-4 | 1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement13.ANS:APTS:1DIF:EasyREF:CS1-2OBJ:1-4 | 1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement14.ANS:EPTS:1DIF:EasyREF:CS1-2OBJ:1-4 | 1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement15.ANS:BPTS:1DIF:EasyREF:CS1-2OBJ:1-4 | 1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement16.ANS:APTS:1DIF:EasyREF:CS1-2OBJ:1-4 | 1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement

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Chapter 1 Accounting and the Financial StatementsTest Bank17.ANS:EPTS:1DIF:EasyREF:CS1-2OBJ:1-4 | 1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement18.ANS:APTS:1DIF:EasyREF:CS1-2OBJ:1-4 | 1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial StatementMatch each statement to the item listed below.a.cash flows from financing activitiesb.cash flows from investing activitiesc.cash flows from operating activities19.cash flows directly related to earning income20.cash flows related to obtaining capital for the company21.cash flows related to the acquisition or sale of investment and long-term assets19.ANS:CPTS:1DIF:ModerateOBJ:1-7NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement20.ANS:APTS:1DIF:ModerateOBJ:1-7NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement21.ANS:BPTS:1DIF:ModerateOBJ:1-7NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial StatementMatch each statement to the item listed below.a.current assetsb.current liabilitiesc.gross margind.income from operationse.intangible assetsf.long-term investmentsg.long-term liabilitiesh.net profit margin22.net sales less cost of goods sold expense23.resources that provide a benefit over a number of years but which lack physical substance24.investment in the debt and shares of other companies that is expected to be held for more than a year25.obligations that must be satisfied within a year26.net income divided by sales revenue27.gross margin less operating expenses28.obligations that will require payment beyond one year29.cash and other resources that are expected to become cash or used up within a year’s time or less22.ANS:CPTS:1DIF:EasyOBJ:1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement23.ANS:EPTS:1DIF:EasyOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement24.ANS:FPTS:1DIF:EasyOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement25.ANS:BPTS:1DIF:EasyOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement26.ANS:HPTS:1DIF:EasyOBJ:1-5

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Chapter 1 Accounting and the Financial StatementsTest BankNAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement27.ANS:DPTS:1DIF:EasyOBJ:1-5NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement28.ANS:GPTS:1DIF:EasyOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement29.ANS:APTS:1DIF:EasyOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial StatementMatch each statement to the item listed below.a.audit reportb.fiscal yearc.financial statementsd.management’s discussion and analysise.notes to the financial statements30.section in the annual report that highlights favourable or unfavourable trends and significant risksfacing the company31.accounting period that may or may not cover January 1–December 3132.contains the auditor’s opinion as to whether the financial statements fairly present the company’sfinancial position and results of operations33.set of reports that communicate a company’s financial position and results of operations34.information that clarifies and expands upon the information presented in the financial statements30.ANS:DPTS:1DIF:EasyOBJ:1-9NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement31.ANS:BPTS:1DIF:EasyOBJ:1-4NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement32.ANS:APTS:1DIF:EasyOBJ:1-9NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement33.ANS:CPTS:1DIF:EasyOBJ:1-3NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement34.ANS:EPTS:1DIF:EasyOBJ:1-9NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial StatementMatch the statement to one of the items listed below.a.Financial Accounting Standards Boardb.Generally accepted accounting principlesc.International Accounting Standards Boardd.International financial reporting standardse.Securities and Exchange Commission35.organization currently working to establish international financial reporting standards35.ANS:CPTS:1DIF:EasyOBJ:1-3NAT: AICPA FN-Reporting | AACSB Communication | ACBSP-APC-09-Financial Statement

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