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ACG 31001.Which of the following is NOT normally an objective of financial reporting?a. To provide information about an entity's assets and claims against those assetsb. To provide information that is useful in assessing an entity's sources and uses of cashc. To provide information that is useful in lending and investing decisionsd. To provide information about an entity's liquidation value2.As independent (or external) auditors, CPAs are primarily responsible fora. preparing financial statements in conformity with GAAP.b. certifying the accuracy of financial statements.c. expressing an opinion as to the fairness of financial statements.d. filing financial statements with the SEC.3.The assumed continuation of a business entity in the absence of evidence to the contrary is an exampleof the accounting concept ofa. accrual.b. consistency.c. comparability.d. going concern.4.According to the FASB's conceptual framework, the process of reporting an item in the financialstatements of an entity isa. realization.b. recognition.c. matching.d. allocation.5.Generally accepted accounting principlesa. are accounting adaptations based on the laws of economic science.b. derive their credibility and authority from legal rulings and court precedents.c. derive their credibility and authority from the federal government through the financialreporting section of the SEC.d. derive their credibility and authority from general recognition and acceptance by theaccounting

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