Lsu Acct 2000 Exam 1 Questions With Answers

Intangibles {Ans: Assets that do not have a physical substance yet}Public Company Acct Oversight Board {Ans: Issue auditing standards and review performance of audit firms}International Acct Standards Board (IASB) {Ans: Issues standards/makes the rules for overseas countries}Components of annual report {Ans: 4 financial statements, MD&A, note to financial statements, auditors opinion}FASB's Useful information {Ans: Relevant and faithful representation}Understandability {Ans: Info has this quality if it is presented in a clear and concise fashion}