Pre-test AK1

The financial statements most frequently provided include all of the following except the

• statement of financial position

• income statement

• statement of cash flows

• statement of retained earnings

Which of the following represents a form of communication through financial reporting but not through financial statements?

• Statement of financial position

• President's letter

• Income statement

• Notes to financial statements

The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organization’s operations is called

• financial accounting

• managerial accounting

• tax accounting

• auditing

The major financial statements include all of the following except

• Statement of financial position

• Statement of changes in financial position

• Statement of comprehensive income

• Statement of changes in equity

Which of the following parties are likely to use financial reports prepared using the financial accounting process?

• Creditors

• Government agencies

• Unions

• All of these answer choices are correct

What is the major objective of financial reporting?

• Provide information that is useful to management in making decisions

• Provide information that clearly portrays nonfinancial transactions

• Provide information that is useful to present and potential equity investors, lenders, and other creditors in making decisions

• Provide information that excludes claims to the resources

Accrual accounting is used because

• cash flows are considered less important

• it provides a better indication of ability to generate cash flows than the cash basis

• it recognizes revenues when cash is received and expenses when cash is paid

• None of these answers are correct

The purpose of the International Accounting Standards Board is to

• issue enforceable standards which regulate the financial accounting and reporting of multinational corporations

• develop a uniform currency in which the financial transactions of companies through-out the world would be measured

• develop a single set of high-quality IFRS

• arbitrate accounting disputes between auditors and international companies

In the past, many countries have relied on their own standard-setting organizations. The standards issued by these various standard-setting organizations around the world include

• Tax-oriented standards

• Business-based standards

• Principles-based standards

• All of these answers are correct

Standar Akuntansi yang berlaku di Indonesia saat ini, kecuali

• Standar Akuntansi Keuangan

• Standar Akuntansi Syariah

• Standar Akuntansi Entitas Privat

• Standar Akuntansi EMKM