1. Which of the following sources of generally accepted accounting principles (GAAP) are not developed by the Canadian Accounting Standards Board (AcSB)?

a. GAAP for Pension Plans

b. Accounting Standards for Private Enterprises (ASPE)

c. International Financial Reporting Standards (IFRS)

d. GAAP for Not-for-Profit entities

2: Under ASPE, Other Comprehensive Income (OCI) and Accumulated Other Comprehensive Income (AOCI) accounts

a. appear as separate line items, the same as under IFRS.

b. are measured differently than under IFRS.

c. are not included in financial statements.

d. are part of accounts such as Fair ValueOCI Investments.

3: Where there are potentially multiple performance obligations within a single contract, if products or services are interdependent and interrelated, they must be

a. combined under a new contract.

b. combined and reported as a single performance obligation.

c. accounted for as multiple performance obligations.

d. sold separately.

4: The appropriate approach to recognize long-term contract revenue under ASPE is

a. asset-liability approach to revenue recognition.

b. earnings approach to revenue recognition.

c. earned and realized approach to revenue recognition.

d. cash-based approach to revenue recognition.