Answer: Industry standards.
Explanation:
Industry standard as a constraint of financial reporting refers to certain industries which set practices or standards in a way that the entities in those industries are required to prepare their financial statement in a specialized format which varies from the format provided in the GAAP. Example of such indsuries are - agriculture sector, financial services industries , etc.
Which is a constraint of financial reporting? Multiple Choice O ASPE requirements Income tax standards Industry...
How is goodwill amortized? Multiple Choice It is not amortized for reporting purposes or for tax purposes. ) It is not amortized for reporting purposes, but is amortized over a 5-year life for tax purposes. It is not amortized for tax purposes, but is amortized over a 5-year life for reporting purposes. Oo oo C ) It is not amortized for tax purposes, but is amortized over a 15-year life for reporting purposes. It is not amortized for reporting purposes,...
Multiple Choice Question 26 Which of the following represents a form of communication through financial reporting but not through financial statements? President's letter Income statement. Notes to financial statements. Balance sheet
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ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated by the International Financial Reporting Interpretation Committee (IFRIC). b. currently issued and administrated by the Financial Accounting Standards Board (FASB), an independent standard-setting board based in US. c. currently issued and administrated by the International Federation of Accountants (IFAC). d. currently issued and administrated by the International Accounting Standards Board (IASB), an independent standard-setting board based in London. 2. Which ONE of the following...
Which of the following is not a factor in encouraging high-quality financial reporting? Multiple Choice Ο All of these are fadors encouraging high-quality financial reporting Ο Internal control systems. Ο Auditors who attest to a company's financial statements. Ο The Sarbanes-Oxley Ad.
er 1 G GAAP includes which of the following pronouncements: Multiple Choice ook int Statements of Financial Accounting Standards. ences Accounting Research Bulletins. О O Accounting Principles Board Opinions. О O All of the above. 252F%252Fude blackboard.com The SEC exerts a continuing influence on the establishment of accounting standards. It does so primarily by Multiple Choice Monitoring the development of GAAP within the accounting profession and using its stature to influence that devel Exercising its statutory authority to prescribe external...
With regard to reporting of contingent liabilities, U.S. GAAP and International Financial Reporting Standards (IFRS) differ in defining the term "probable". Which of the following is correct with regard to defining "probable"? Multiple Choice Under IFRS, "probable" means the chance of an event occurring is slight. Under U.S. GAAP, "probable" means the chance of an event occurring is slight but less than likely. Under IFRS, "probable" means an event is more likely than not to occur. Under U.S. GAAP, "probable"...
Chapter 1 The individual Income tax return Describe the different entities subjects to tax and reporting requirements
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Which of the following is not an example of a financial intermediary? Multiple Choice o First Interstate Bank o Allstate Insurance o Goldman Sachs o IBM