Question Details

General-purpose financial statements are the product of



1.	Which of the following statements is true?
a.	Over 115 countries require or permit use of International Financial Reporting Standards (IFRS).
b.	Canada is the most significant holdout from use of International Financial Reporting Standards (IFRS).
c.	Nearly 50% of investors in the United States own foreign securities, either directly or through funds.
d.	To facilitate efficient capital allocation, investors need relevant information stated in a common currency.
	2.	How does accounting help the capital allocation process attract investment capital?
a.	Provides timely, relevant information.
b.	Encourages innovation.
c.	Promotes productivity.
d.	a and b above.
	3.	An effective capital allocation process
a.	promotes productivity.
b.	encourages innovation.
c.	provides an efficient market for buying and selling securities.
d.	all of these.

	4.	What would be an advantage of having all countries adopt and follow the same accounting standards?
a.	Consistency.
b.	Comparability.
c.	Lower preparation costs.
d.	b and c

	5.	General-purpose financial statements are the product of
a.	financial accounting.
b.	managerial accounting.
c.	both financial and managerial accounting.
d.	neither financial nor managerial accounting.



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