1. Posting is the procedure of transferring information from the

journal to the ledger

trial balance to the worksheet

worksheet to the financial statements

2.What is the goal of FASB and IASB in the creation of the conceptual framework?

To develop standards that are internally consistent.

To develop standards that lead to financial reporting that provides clear consistent information to capital providers.

To develop standards that are internationally converged.

3. Which of the following items is NOT included in FASB's conceptual framework of accounting theory?

fundamental principles and assumptions that guide financial accounting and reporting

objectives of financial reporting

qualities of useful accounting information

All of these choices are included in the conceptual framework.

All of these choices are correct.

4. What additional supplementary information should be included as part of the financial statements under GAAP?

Letters to Stockholder's

Economic statistics

Management Discussion and Analysis

Notes to financial statements