1. In the past, many countries have relied on their own standard-setting organizations. The standards issued by these various standard-setting organizations around the world include a. Tax-oriented standards. b. Business-based standards. c. Principles-based standards. d. All of these answers are correct.

2. As part of the objective of general-purpose financial reporting, there is an emphasis on assessing cash flow prospects. Under International Financial Reporting Standards (IFRS) this is interpreted to mean: a. Cash basis accounting is preferred over accrual-based accounting. b. Information about the financial effects of cash receipts and cash payments is generally considered the best indicator of a companys present and continuing ability to generate favorable cash flows. c. Over the long run, trends in revenues and expenses are generally more meaningful than trends in cash receipts and disbursements. d. All of the choices are correct regarding assessing cash flow prospects under IFRS.

3. What is due process in the context of standard setting at the IASB? a. IASB operates in full view of the public. b. Public hearings are held on proposed accounting standards. c. Interested parties can make their views known. d. All of these answers are correct.