was the predecessor to the IASC.
can overrule the FASB when their policies disagree.
promotes the use of high-quality understandable global accounting standards.
has its headquarters in Geneva.

full disclosure.
relevance.
going concern.
historical cost.

debit to investments.
credit to retained earnings.
credit to capital stock.
debit to expense.

(s)he usually debits cash.
(s)he usually debits an expense account.
(s)he debits a liability account.
(s)he does none of the above.

salaries payable.
depreciation expense.
supplies expense.
cost of goods sold.

is a current liability account.
usually has a debit balance.
is a non-current liability account.
cannot determine its classification without additional information.
Time interest earned ratio.
The debt to equity ratio.
The current ratio.
All of the above are financing ratios.

an extraordinary loss.
a separate line item between income from continuing operations and income from discontinued operations.
a separate line item within income from continuing operations.
a separate line item in the retained earnings statement.

a cumulative effect on income in the year of the change.
a retrospective reporting of all comparative financial statements shown.
a prior period adjustment.
a separate line component of income.

in the direct method.
in the indirect method.
in both the direct and the indirect methods.
in neither the direct nor the indirect methods.

foreign currency translation gains.
unrealized gains on investments accounted for as securities available for sale.
deferred gains from derivatives.
gains from the sale of equipment.

must be classified by function.
must be classified by natural description.
can be classified either by function or by natural description.
none of the above is correct.
within one year.
within one operating cycle.
within one year or one operating cycle whichever is shorter.
within one year or one operating cycle whichever is longer.

Customers
Suppliers
Employees
All of the above are external users of financial statements.