1. Which audit opinion is most likely to be issued when financial statements are prepared in accordance with U.S. GAAP?

		Qualified
		Unqualified
		Internal control weakness
		Adverse opinion

3.

The changes in fair value for which type of investment securities is reported in Other Comprehensive Income?

		Available-for-sale securities
		Securities reported under the equity method
		Held-to-maturity securities
		Trading securities

4.

If an asset is used evenly over a four-year service life, which method of depreciation will result in the smallest amount of depreciation in the first year?

		Weighted-average
		Sum-of-the-year's digits
		Double-declining balance
		Straight-line

2. Which of the following statements about Asset retirement obligations (AROs) is false:

		AROs are liabilities associated with the retirement or disposal of a long-term asset
		AROs are valued at the present value of an annuity
		AROs are offset with an increase the balance in the related asset account
		AROs are measured at fair value in the balance sheet
		None of the above answers are false