Question Details

The cost principle requires that companies record assets 


1.	The first step in solving an ethical dilemma is to
a.	identify and analyze the principal elements in the situation.
b.	identify the alternatives.
c.	recognize an ethical situation and the ethical issues involved.
d.	weigh the impact of each alternative on various stakeholders.


	2.	Ethics are the standards of conduct by which one's actions are judged as
a.	right or wrong.
b.	honest or dishonest.
c.	fair or unfair.
d.	all of these.


	3.	The cost principle requires that companies record assets at their
a.	appraisal value.
b.	cost.
c.	market price.
d.	list price.

	4.	IFRSs are determined by the
		a.	Internal Accounting Standards Body.
b.	International Accounting Studies Board.
c.	International Accounting Standards Board.
d.	International Auditors' Standards Body.


	5.	GAAP stands for
a.	Generally Accepted Auditing Procedures.
b.	Generally Accepted Accounting Principles.
c.	Generally Accepted Auditing Principles.
d.	Generally Accepted Accounting Procedures.





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