1-Sals Pizza Co. is a public company that operates pizza restaurants throughout the Maritimes. Which accounting standards must Sals Pizza apply for financial reporting purposes?

Question options:

	The company must apply ASPE.
	The company can choose to apply ASPE or IFRS.
	The company is not required to apply accounting standards.
	The company must apply IFRS.

2- Which of the following bodies is responsible for establishing accounting standards for Canadian entities in the private sector?

Question options:

	Accounting Standards Board (AcSB)
	International Accounting Standards Board (IASB)
	Canadian Securities Administrators (CSA)
	Financial Accounting Standards Board (FASB)

3-Which of the following is an objective of the AcSB?

Question options:

	To protect investors, which can be achieved in part by mandating full disclosure of information important to investment decisions and educating investors about the risks and responsibilities of investing
	To converge ASPE with U.S. generally accepted accounting principles (GAAP)
	To harmonize international accounting standards and develop IFRS
	To participate with other standard setters in the development of a single set of high-quality internationally accepted financial reporting standards.

4-Which of the following is correct about accounting standards in Canada?

Question options:

	The legislative body in each jurisdiction is responsible for setting accounting standards.
	When a new financial statement element emerges, existing standards are used to determine its accounting treatment.
	When the AcSB is setting new standards, it follows due process based on transparency, consultation, and accountability.
	The CSA requires that companies whose shares trade on a Canadian stock exchange or stock market provide financial statements in compliance with IFRS.