Answer the following question:

Part A:

Objectives of financial reporting take into consideration:

a) All of the other answers are taken into consideration

b) internal user needs

c) accounting standards in place and prospective new standards under review

d) external user needs

e) costs and benefits of providing financial information

Part B:

Which of the following measurement or valuation method(s) is the most accurate to recognize a financial item?

a) Fair values

b) Any of the other answers could be the most accurate

c) Current cost of replacement

d) Current values

e) Market values

Part C:

The primary responsibility of management with respect to financial statements is to:

a) Prepare them to maximize profits or minimize taxes, as they have the best insight and know how to do this

b) None of the other answers are true

c) aim to meet or beat analysts earnings forecasts

d) audit them, as they are distant enough from daily operations