85. The independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States is the: A. FASB. B. IASB. C. SEC. D. IRS. 86. Which statement below best describes the objectives of financial accounting? A. Provide information that helps predict cash flows. B. Provide information about the economic resources, claims to resources and changes in resources and claims. C. Provide information that is useful in making decisions. D. All of the above are correct. 87. The assumption that a business can continue to remain in operation into the future is the: A. Monetary unit assumption. B. Periodicity assumption. C. Economic entity assumption. D. Going concern assumption. 88. The qualitative characteristic that says accounting information can influence users' decisions by allowing them to assess past performance is: A. Timeliness. B. Neutrality. C. Confirmatory value. D. Predictive value. 89. The major underlying assumptions of accounting include all of the following except: A. Economic entity. B. Monetary unit. C. Legal liability. D. Going concern.
85. The independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States is the: A. FASB. B. IASB. C. SEC. D. IRS. 86. Which statement below best describes the objectives of financial accounting? A. Provide information that helps predict cash flows. B. Provide information about the economic resources, claims to resources and changes in resources and claims. C. Provide information that is useful in making decisions. D. All of the above are correct. 87. The assumption that a business can continue to remain in operation into the future is the: A. Monetary unit assumption. B. Periodicity assumption. C. Economic entity assumption. D. Going concern assumption. 88. The qualitative characteristic that says accounting information can influence users' decisions by allowing them to assess past performance is: A. Timeliness. B. Neutrality. C. Confirmatory value. D. Predictive value. 89. The major underlying assumptions of accounting include all of the following except: A. Economic entity. B. Monetary unit. C. Legal liability. D. Going concern.
Accounting%20Information%20and%20Decision%20Making.docx