Question

Firms’ choices and estimates within U.S. GAAP or IFRS should be determined by all of the following except:

  • A. firms’ underlying economic circumstances.

  • B. conditions in the company’s industry.

  • C. the company’s competitive strategy.

  • D. accelerated management efforts to meet earnings projections.

Examples of poor earnings quality that hinder the forecasting of expected future earnings include all of the following except:

  • A. Earnings dominated by a substantial one-time gains from the sale of real estate tangential to the firm’s operations.

  • B. Reporting a large expense from a warehouse fire that was not covered by insurance.

  • C. A local government corrects a processing error and a firm receives an unexpected rebate on property taxes previously paid.

  • D. The company adds equipment that reduces carbon emissions in response to EPA requirements and increases production efficiency.

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Answer #1

Firms’ choices and estimates within U.S. GAAP or IFRS should be determined by all of the following except:

D) Accelerated management efforts to meet earnings projections.

because accelerated management efforts to meet earning projections will not hel the firm coiose nd estimate within U.S. GAAP or IFRS.

Examples of poor earnings quality that hinder the forecasting of expected future earnings include all of the following except:

D. The company adds equipment that reduces carbon emissions in response to EPA requirements and increases production efficiency.

because it will not hinder the forecasting of expected future earnings instead it will increase the future earnings.

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