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NEW QUESTION 23
Which one of the following examples would not represent an agency cost?

A. the cost of engaging an external auditorB. the cost of preparing a financial report for shareholdersC. the cost of employing an internal auditorD. the cost of preparing a cost-benefit report for a new project

Answer: D

 

NEW QUESTION 24
A statement of generally accepted theoretical principles which form the frame of reference for financial reporting refers to the

A. Regulatory Framework.B. Conceptual Framework.C. Generally Accepted Accounting Principles.D. International Financial Reporting Standards.

Answer: B

 

NEW QUESTION 25
The accounting policies used by companies must result in financial reports that are

A. signed by the CEO or equivalent.B. comparable with previous years' reports.C. easy to read.D. independently audited.

Answer: B

 

NEW QUESTION 26
......


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