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- Question 12 What is the objective of financial reporting? Answers: Provide information that clearly portrays nonfinancial transactions. Provide information that excludes claims to the resources. Provide information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors. Provide information that is useful to management in making decisions.nots : (with resources please) Describe the accounting concepts and principals and explain what are the two most important concepts without which financial statements can never present true and fair view of the Company’s financial position?47 Who could decide the terms and conditions of appointment of internal auditor? a. Management of the company b. It is decided by the external Auditor c. It is decided by the shareholders d. None of the options
- 30 While addressing the auditor’s report by an auditor whom does it is addressed to depending upon the circumstances? a. Board of Directors b. Shareholders c. All the options d. Owners12. The practitioner's independence is not required in which of the following engagements? A. Audit of historical financial statements B. Review of historical financial statements C. Examination of prospective financial statements D. Installation of accounting information systems1
- 29. Which statement is false? a. The balance sheet of an entity purports to show the true value of the entity b. The balance sheet should show a company's liquidity c. The balance sheet reflects the financial capital of a company d. The balance sheet summarizes the financial position of an entity at a point in timeWhich of the following statements are (is) most likely be false? 1. The principal goal of the financial manager is to maximize the wealth of the stockholders. II. One of the major functions of the board of directors is to develop long-term business strategies and goals. III. The agency problem exists primarily in companies of which common stock is closely held. IV. Key financial statements filed on Form 10-K are the balance sheet, income statement, statement of cash flows, and statement of retained earnings. V. The treasurer typically handles the accounting activities, such as tax management, data processing, and cost and financial accounting. VI. Financing decisions deal with the right-hand side (credit) of the firm's balance sheet and involve the most appropriate mix of liabilities and equity. O I, II, and IV only O III and VI only O IV, V, and VI only O III and V onlymultiple choice The officer responsible for the firm’s accounting activities, such as corporate accounting, tax management, financial accounting, and cost accounting is the(a)Treasurer.(b)Controller.(c)Foreign exchange manager.(d)None of the above.
- Which of the following is not correct about Going Concern? a. The concept of going concern is an underlying assumption in the preparation of financial statements O b. The financial statements presume that the entity is a going concern and will continue its operations for the foreseeable future O C. Assume that the business will continue to operate long enough to carry out its current obligations, objectives and commitments O d. The concept of going concern is a conservative in the preparation of financial statementsQuestion 2. Published financial statements are historical in nature and do not provide the information needed for some informed investment decision. Nonetheless, historical information can be used to make projections and is sometimes extremely useful in some respect. The limitations of using historical information must, of course, be recognized in preparing them. The Managing director of XYZ Plc was presented with below historic information on a corporation he is intending to acquire for his organization. As a financial manager with XYZ Plc you are asked to prepare a comparable horizontal and vertical analysis of the information presented you below using year and Revenue respectively for your analysis. Sample Company Inc. Consolidated Statement of Income For the years ended December 31, 2014 and 2013 (millions of Naira, except per share amounts) 2014 2013 Revenues 118.4% N11,500. Expenses Cost of sales and operating expenses Depreciation and amortization Interest expense 117.5% 102.2%…Please answer all 3 subparts Question 1 (i) Which of the following statement is correct concerning two-tier boards?A. The management board consists entirely of non-executive directors.B. The supervisory board has the responsibility for risk management and for thepreparation of the annual financial statement.C. The management board is led by the Chairman who is the CEO of the company.D. The supervisory board is responsible for managing the company. (ii) Who are key players, according to the firm definition of corporate governance:A. ManagementB. ShareholdersC. All stakeholdersD. The independent board (iii) Which of the following is not a statutory duty of a director?A. Duty to disclose any money received in connection of a transfer of company property.B. Duty to exercise due diligence in their work.C. Duty to contribute an appropriate sum of money to the board on joining the company.D. Duty to keep proper accounting records and make such records available for inspection.