True/False - On your answer sheet mark A if the statement is True and mark B the statement is False. (2 points each) 1. Users of the financial information provided by a company use that information to make capital allocation decisions. 2. The income statement is always prepared before any other financial statement 3. Accounting standards for public companies are determined by the SEC. 4. Comprehensive income includes all changes in equity during a period. 5. If a company changes an accounting estimate it is not necessary to restate income statements from prior years. Multiple Choice - On your answer sheet mark the correct answer. (2 points each) 6 Users of financial reports include all of the following excepr a. creditors. b. government agencies. c. investors d. All of these are users. 7. What accounting concept justifies the usage of depreciation and amortization policies? a. Going concern assumption b. Fair value principle c. Full disclosure principle d. Monetary unit assumption 8. The overriding criterion by which accounting information can be judged is that of a. usefulness for decision making. b. freedom from bias. c. timeliness. d. comparability