Who under the oversight of the firm's governing board, prepares the financial statements?
a. independent auditor
b. Securities and Exchange Commission
c. Public Companies Accounting Oversight Board
d. general counsel
e. management
E
You might also like to view...
Economic theory holds that the most profitable pay level, all things being equal, would be at the
A. mid-range level. B. highest possible level. C. CPI rate. D. market rate. E. lowest possible level.
All available-for-sale (AFS) debt investments are reported on the balance sheet at ________.
A) historical cost B) replacement cost C) current market value D) net realizable value
Match the following definitions with terms 1 through 8. Place the letter that identifies the best definition in the blank space next to the term.____ 1. Generally accepted accounting principles____ 2. Time period assumption____ 3. Statement of retained earnings____ 4. Balance sheet____ 5. Income statement____ 6. Measurement (Cost) principle____ 7. Securities and Exchange Commission____ 8. IASB____ 9. Full disclosure principle____ 10. Statement of cash flowsa. Prescribes that assets and services to be recorded initially on a cash or equal-to-cash basis.b. Describes a company's revenues and expenses and computes net income or loss over a period of time.c. An independent group consisting of individuals from many countries that identify preferred accounting practices.d. Presumes that the life
of a company can be divided into periods for reporting purposes.e. The concepts and rules that govern financial accounting.f. A financial statement that reports the changes in equity over the reporting period, excluding stockholder investments.g. A report that identifies cash receipts and cash payments over a period of time.h. Prescribes that a company report the details behind financial statements that would impact user decisions.i. The governmental agency that has the legal authority to establish accounting rules.j. A report that describes a company's financial position at a point in time. What will be an ideal response?
The significance of oil's peak production is that:
A. oil companies will have to find new revenue services. B. it serves to spread the word that fossil fuels will deplete. C. China and India will need to modify their fuel consumption patterns with peak oil. D. it lets us know how much time we have to make the adjustment to renewables.