Question 1 (1 point)

When writing a case, keep your analysis case specific. Any discussions should make reference to the particulars of the case. Do not just regurgitate GAAP!

Question 1 options:

	True
	False

Question 2 (1 point)

The recommendations should also be consistent with the overall financial reporting objective and the users needs.

Question 2 options:

	True
	False

Question 3 (1 point)

The ASPE Accounting Standards can be found as ... (hint: open the Accounting tab inside the CPA Handbook)

Question 3 options:

	Accounting / Part I
	Accounting / Part II
	Accounting / Part III
	Accounting / Part IV

Question 4 (1 point)

If the question does not make it clear whether a GAAP constraint/requirement exists, then look to the main users. Normally, users would want GAAP financial statements since they are more reliable and comparable.

Question 4 options:

	TRUE
	FALSE

Question 5 (1 point)

Students should only List and describe the alternatives for issues that do not have an obvious recommendation.

Question 5 options:

	TRUE
	FALSE

Question 6 (1 point)

The IFRS Accounting Standard for Revenue from contracts with customers is...

Question 6 options:

	IFRS 4
	IFRS 8
	IFRS 15
	None of the options listed

Question 7 (1 point)

Which of the following are major financial reporting objectives of senior management:

Question 7 options:

	Maximizing net income
	Smoothing income
	All of the answers listed
	Contract compliance

Question 8 (1 point)

The CPA Canadian Handbook has the following volumes:

Question 8 options:

	Accounting
	all of the items listed
	Public Sector Accounting
	Assurance

Question 9 (1 point)

The Canadian CPA Handbook can be accessed through the University of Guelph Library by searching CPACHB

Question 9 options:

	True
	False

Question 10 (1 point)

It is not recommended that you provide case facts in your analysis - it takes too much time.

Question 10 options:

	True
	False

Question 11 (1 point)

Net Income - Cash flow prediction is a key need for the following users:

Question 11 options:

	Banks and Other Creditors
	Current and Potential Investors
	Employees that receive a bonus based on net income
	all of the answers listed

Question 12 (1 point)

If you can see differing viewpoints, there is likely an issue. That is, one has a different idea of what the best accounting or presentation is than the other.

Question 12 options:

	TRUE
	FALSE

Question 13 (1 point)

It is important to provide both qualitative and quantitative analysis when analyzing a case.

Question 13 options:

	True
	False

Question 14 (1 point)

A public company would be required to use the following GAAP:

Question 14 options:

	IFRS - International Financial Reporting Standards
	ASPE - Accounting Standards for Private Enterprises
	none of the answers listed
	AS NPO - Accounting Standards for Non-Profit Organizations

Question 15 (1 point)

When you put yourself in the shoes of the person whose role you are playing -- thinking about how you would react in a situation and what factors would influence your decision. You are...

Question 15 options:

	Analyzing the Alternatives
	none of the answers listed
	Determining who are the Users of the Financial Information
	Determining your role in the case

Question 16 (1 point)

It is important to incorporate references to GAAP in your issue analysis because it illustrates your knowledge of GAAP in a case context.

Question 16 options:

	True
	False

Question 17 (1 point)

Most financial reporting issues can be allocated into the following categories:

Question 17 options:

	Assets, Liabilities, Equity, Revenue, and Expenses
	Recognition, Measurement, Presentation, and Disclosure
	Reliability and faithful representation
	none of the answers listed

Question 18 (1 point)

It is recommended that you calculate the impact of the alternatives on net income, ratios and/or the financial position.

Question 18 options:

	True
	False

Question 19 (1 point)

When completing a case, students must demonstrate an understanding of the financial accounting principles underlying the issue by describing WHY this is an issue or a problem.

Question 19 options:

	TRUE
	FALSE