CFR Exam 1 (Ch 1-4) with all Correct & 100% Verified
Answers |Latest Version |Already Graded A+
True or False: The role of financial accounting information is to facilitate economic transactions
and to foster efficient allocation of resources among businesses and individuals ✔Correct
Answer-True
True or False: Comparability across companies allows analysts to identify real economic
similarities in and differences between underlying economic events because those similarities
or differences are not obscured by accounting methods or disclosure practices ✔Correct
Answer-True
True or False: The public and private sector regulatory agencies establish and enforce financial
reporting requirements designed to ensure that companies meet certain minimum levels of
financial disclosure. ✔Correct Answer-True
True or False: Although the SEC has the ultimate legal authority to set accounting principles in
the U.S., it has looked to private-sector organizations to establish and enforce these principles
✔Correct Answer-False
True or false: accounting standard-setting in the U.S. is a technical process and thus little
affected by political considerations ✔Correct Answer-false
true or false: While an increasing percentage of companies report on sustainability, consistency
in reporting continues to provide challenges for information users ✔Correct Answer-true
true or false: the IASB and FASB have worked together to develop a single set of high-quality,
understandable, enforceable and globally accepted international financial reporting standards.
✔Correct Answer-true
true or false: financial statement information can help customers monitor a suppliers
manufacturing processes and thus evaluate the quality of its products ✔Correct Answer-false
all financial statements :
a. provide a picture of the company at a moment in time
b. describe changes that took place over time
c. help to evaluate what happened in the past
d. contain the most up to date information about the company ✔Correct Answer-c
the ability to raise additional cash by selling assets, issuing stock, or borrowing more is
✔Correct Answer-financial flexibility
Answers |Latest Version |Already Graded A+
True or False: The role of financial accounting information is to facilitate economic transactions
and to foster efficient allocation of resources among businesses and individuals ✔Correct
Answer-True
True or False: Comparability across companies allows analysts to identify real economic
similarities in and differences between underlying economic events because those similarities
or differences are not obscured by accounting methods or disclosure practices ✔Correct
Answer-True
True or False: The public and private sector regulatory agencies establish and enforce financial
reporting requirements designed to ensure that companies meet certain minimum levels of
financial disclosure. ✔Correct Answer-True
True or False: Although the SEC has the ultimate legal authority to set accounting principles in
the U.S., it has looked to private-sector organizations to establish and enforce these principles
✔Correct Answer-False
True or false: accounting standard-setting in the U.S. is a technical process and thus little
affected by political considerations ✔Correct Answer-false
true or false: While an increasing percentage of companies report on sustainability, consistency
in reporting continues to provide challenges for information users ✔Correct Answer-true
true or false: the IASB and FASB have worked together to develop a single set of high-quality,
understandable, enforceable and globally accepted international financial reporting standards.
✔Correct Answer-true
true or false: financial statement information can help customers monitor a suppliers
manufacturing processes and thus evaluate the quality of its products ✔Correct Answer-false
all financial statements :
a. provide a picture of the company at a moment in time
b. describe changes that took place over time
c. help to evaluate what happened in the past
d. contain the most up to date information about the company ✔Correct Answer-c
the ability to raise additional cash by selling assets, issuing stock, or borrowing more is
✔Correct Answer-financial flexibility
