1.The Auditor's Report

All of the above are true

Is only the expression of an opinion and is not a statement of fact

Is withheld if there are any accounting deficiencies in the financial statements

Makes no reference to GAAP

Is unsigned

2.According to the Conceptual Framework Project, the central paradigm of accounting is:

Historical Cost

None of the above

Objectivity

Decision Usefulness

Timeliness

3.The qualitative characteristic that best refers to the confidence that financial statement users have that the statements are free of material error or misrepresentation is

objectivity

None of the other alternatives are correct

understandability

relevance

reliability

4.The following definition pertains to which accounting principle or convention: accounting data should be bias-free.

Objectivity

Historical cost

Business entity

None of the other alternatives are correct

Going concern

5.Basic rights of common shareholders include which of the following:

One vote per one share owned with pre-emptive rights

Overseeing the hiring and firing of members of the Board of Directors

Overseeing the hiring and firing of key management

One vote per one share owned without pre-emptive rights

None of the other alternatives are correct