AP and CF

Users of financial statements include which of the following?

• Creditors

• Government Agencies

• Investors

• All of the above

It is the quality of information that gives assurance that is is reasonably free from bias and error?

• Bias Free

• Neutrality

• Relevance

• Faithful representation

What is the primary Service of CPAs in Public Practice?

• Auditing

• Taxation

• Controllership

• Management Advisory

Financial Accounting Emphasizes reporting to

• Government Agencies

• Internal Auditors

• Department Managers

• Creditors and Investors

The term recognized is synonymous with the term

• Recorded

• Realized

• Allocated

• Matched

Elements directly related to the measurement of financial performance

• Income and expense

• Assets

• Liabilities

• Financial endurance

The sorting of assets, liabilities, equity, income, and expenses with similar characteristics

• Classification

• Summarizing

• Recognition

• Interpreting

Under current circumstances, the required number of units for renewal of license is 15 CPD

units and 121 CPD units for renewal of accreditation.

• TRUE

• FALSE

The International Accounting Standards Committee. now replaces the International Accounting

Standards Board

• TRUE

• FALSE

Qualitative characteristic of useful information is categorized as

• Fundamental and Primary

• Fundamental and Enhancing

• Primary and Secondary

• Primary and Enhancing