The authoritative financial accounting standards-setting body in the United Stat

Question

The authoritative financial accounting standards-setting body in the United States is presently the: Securities and Exchange Commission (SEC). International Accounting Standards Board (IASB). Public Company Accounting Oversights Board (PCAOB). Financial Accounting Standards Board (FASB). Accounting Principles Board (APB). Which classification of accounting is most concerned with the use of economic and financial information to plan and control many of the activities of the entity? Financial accounting. Auditing-Public accounting. Managerial accounting. Income tax accounting. Cost accounting is a subset of which of the following? Internal auditing. Public auditing. Cost analysis. Managerial accounting. Which of the following Is not a characteristic or limitation of the kind of information that financial reporting by business enterprises can provide? The information results in approximate, rather than exact, measures. The information largely reflects the financial effects of transactions that have already happened. The information is provided and used at a cost. All of these are characteristics or limitations of the kind of information that financial reporting by business enterprises can provide. The ethical concept of independence means that an accountant employed: by a corporation cannot prepare financial statements for use by the company's bank. by one company cannot work part-time for another company. by an auditing firm cannot own any stock in the company being audited. by one company cannot accept a job with another company in the same industry. The ethical concept of integrity means that an individual must: sign a pledge to abide by all laws and regulations. report to a supervisor any violation of the code of conduct of her company that is observed. read, understand, and agree to follow all provisions of her employer's code of conduct. attempt to be honest and forthright in dealings and communications with others.

Explanation / Answer

Ans 4) ans is (D) All of these are characterstics or limitations of the information - All of the information given are actually the limitations of financial statement reporting hence the answer as i said is (D)

Ans 5) C - an accountant emplyed by an auditing firm can not own any stock in the company being audited, since there will be danger of insider trading, and conflict of interest, because accountant will have access to all the financial statement of the company and can take the advantage of it through trading in its stock.

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