11) Which of the following are MOST likely to be users of managerial accounting information?
A) Potential investors
B) Creditors
C) Customers
D) Company managers
12) Which of the following are likely to be users of financial accounting information?
A) Taxing authorities
B) Creditors
C) Potential investors
D) All of the above
Learning Objective 1-3
1) The AICPA's Code of Professional Conduct for Accountants provides guidance to CPAs in the performance of their work.
2) GAAP is the set of accounting rules for international accounting.
3) IFRS accounting rules apply to all U.S. corporations.
4) A U.S. publicly traded company does not come under SEC regulations as long as it follows the rules of GAAP.
5) IFRS are the international accounting rules that U.S. companies must follow for their international operations.
6) IFRS (international accounting rules) are much more specific than GAAP and allow for far less professional judgment.
7) The PCAOB is a watchdog agency that monitors the work of small, privately owned businesses.
8) Independent accountants that audit public companies come under the regulatory supervision of the PCAOB.