accounting 251

opinion

Auditors express a professional __________, Incorrect Unavailable on the compliance of financial statements with GAAP.

is useful to investors and creditors in making decisions tells about economic resources, claims to resources, and changes in resources and claims helps to predict cash flows

Financial accounting should provide information that: (Select all that apply.)

Corporate management

International Financial Reporting Standards.

auditor

The ___________, Incorrect Unavailable adds credibility to a company's financial statements by expressing a professional opinion. (Enter only one word.)

provide useful information for external decision makers

The objective of financial accounting is to:

International Financial Reporting Standards.

The purpose of the International Accounting Standards Board is to develop a single set of global accounting standards, which are referred to as

develop global accounting standards converge national standards with IFRS

The purpose of the International Accounting Standards Board is to: (Select all that apply.)

To add credibility to the financial statements.

What is the purpose of the auditor?

Full-time board members Private sector organization Independence

Which of the following are attributes of FASB? (Select all that apply.)

It facilitates comparison of financial information among companies.

Which of the following is an important purpose of GAAP?

Management

Who has the responsibility to apply accounting standards when communicating with investors and creditors?