11 May WHICH OF THE FOLLOWING DOES NOT DESCRIBE A CAUSE OF MANAGEMENT BIAS?
Objectives of financial reporting do NOT include
a) providing information that is useful to users
in making resource allocation decisions.
b) providing information about the liquidation
value of an enterprise.
c) providing information about an entitys
economic resources, obligations, and equity/net assets.
d) providing information about changes in an
entitys economic resources, obligations, and equity/net assets.
12. The preparation by some companies of biased
information is sometimes referred to as
a) conservative financial reporting.
b) full disclosure of all material facts.
c) aggressive financial reporting.
d) stewardship.
13. Where
information asymmetry exists, the capital market may attract the wrong kind of company.
This is known as
a) moral hazard.
b) conservative accounting.
c) adverse selection.
d) an inefficient marketplace.
14. The efficient markets hypothesis proposes that
a) market prices reflect information known only
to internal stakeholders.
b) market prices reflect all information about a
company.
c) market prices reflect information known only
to external stakeholders.
d) information asymmetry is required.
15. Which of the following does NOT
describe a cause of management bias?
a) the need to comply with contracts, such as
debt covenants
b) the desire to meet financial analysts
expectations
c) the tendency to downplay negative events
d) the desire for all stakeholders to
have access to all information
16. The problem of information asymmetry can be reduced
by
a) aggressive accounting.
b) accounting standards.
c) adverse selection.
d) only focusing on positive events.
17. As of 2011, the responsibilities of the Accounting Standards Board
(AcSB) in Canada relate to setting standards for
a) publicly accountable entities only.
b) both publicly accountable entities and private
enterprises.
c) private enterprises, not-for-profit entities
and pension plans.
d) not-for-profit entities and pension plans
only.
18. In Canada, the body that has the responsibility of overseeing the
Accounting Standards Board (AcSB) is the
a) Accounting Standards Oversight Council
(AcSOC).
b) International Accounting Standards Board
(IASB).
c) Canadian Institute of Chartered Accountants
(CICA).
d) Financial Accounting Standards Board (FASB).
19. In the United States, the
body that has the final authority over accounting standards is the
a) Financial Accounting Standards Board (FASB).
b) International Accounting Standards Board
(IASB).
c) Securities Exchange Commission (SEC).
d) Accounting Standards Oversight Council
(AcSOC).
20. In Canada, the body which is NOT instrumental in the development of
financial reporting standards is the
a) Accounting Standards Board (AcSB).
b) Financial Accounting Standards Board (FASB).
c) International Accounting Standards Board
(IASB).
d) American Institute of Certified Public Accountants.
11. Objectives of financial reporting do NOT include a) providing information that is useful to users
in making resource allocation decisions. b) providing information about the liquidation
value of an enterprise. c) providing information about an entitys
economic resources, obligations, and equity/net assets. d) providing information about changes in an
entitys economic resources, obligations, and equity/net assets.12. The preparation by some companies of biased
information is sometimes referred to as a) conservative financial reporting. b) full disclosure of all material facts. c) aggressive financial reporting. d) stewardship.13. Where
information asymmetry exists, the capital market may attract the wrong kind of company.
This is known as a) moral hazard. b) conservative accounting. c) adverse selection. d) an inefficient marketplace.14. The efficient markets hypothesis proposes that a) market prices reflect information known only
to internal stakeholders. b) market prices reflect all information about a
company. c) market prices reflect information known only
to external stakeholders. d) information asymmetry is required.15. Which of the following does NOT
describe a cause of management bias? a) the need to comply with contracts, such as
debt covenants b) the desire to meet financial analysts
expectations c) the tendency to downplay negative events d) the desire for all stakeholders to
have access to all information16. The problem of information asymmetry can be reduced
by a) aggressive accounting. b) accounting standards. c) adverse selection. d) only focusing on positive events.17. As of 2011, the responsibilities of the Accounting Standards Board
(AcSB) in Canada relate to setting standards for a) publicly accountable entities only. b) both publicly accountable entities and private
enterprises. c) private enterprises, not-for-profit entities
and pension plans. d) not-for-profit entities and pension plans
only.18. In Canada, the body that has the responsibility of overseeing the
Accounting Standards Board (AcSB) is the a) Accounting Standards Oversight Council
(AcSOC). b) International Accounting Standards Board
(IASB). c) Canadian Institute of Chartered Accountants
(CICA). d) Financial Accounting Standards Board (FASB).19. In the United States, the
body that has the final authority over accounting standards is the a) Financial Accounting Standards Board (FASB). b) International Accounting Standards Board
(IASB). c) Securities Exchange Commission (SEC). d) Accounting Standards Oversight Council
(AcSOC).20. In Canada, the body which is NOT instrumental in the development of
financial reporting standards is the a) Accounting Standards Board (AcSB). b) Financial Accounting Standards Board (FASB). c) International Accounting Standards Board
(IASB). d) American Institute of Certified Public Accountants.
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