The International Accounting Standards Board (IASB):
A) Hopes to create harmony among accounting practices of different countries to improve
comparability.
B) Is the government group that establishes reporting requirements for companies that issue
stock to the investing public.
C) Has the authority to impose its standards on companies around the world.
D) Is the only source of generally accepted accounting principles (GAAP).
E) Only applies to companies that are members of the European Union.
A) Hopes to create harmony among accounting practices of different countries to improve
comparability.
You might also like to view...
What is an advantage of cafeteria-style plans?
A. These types of plans have lower administrative costs. B. When companies provide cafeteria-style plans, they do not have to pay unemployment insurance tax. C. Employees do not have to select their individual plans. D. Since employees will select the benefits that they need the most, it reduces the overall costs. E. Employees can get a better understanding of the value of benefits provided.
What is "fraud in the execution?"
What will be an ideal response?
In each of the circumstances listed below, match the situation to the type of opinion that should be given and write the identifying letter in the space provided.
____ 1. Departure from GAAP of lesser materiality ____ 2. Scope limitation of significant materiality ____ 3. No GAAP departure and no scope limitation ____ 4. Scope limitation of lesser materiality ____ 5. Departure from GAAP of significant materiality A. Unqualified B. Qualified C. Adverse D. Disclaimer
The following materials standards have been established for a particular product: Standard quantity per unit of output 4.6gramsStandard price$15.05per gramThe following data pertain to operations concerning the product for the last month: Actual materials purchased 3,100gramsActual cost of materials purchased$44,020 Actual materials used in production 2,400gramsActual output 300unitsWhat is the materials quantity variance for the month?
A. $14,484 U B. $15,351 U C. $10,535 U D. $9,940 U