Cal Farms reported supplies expense of $1,900,000 this year. The supplies account decreased by $180,000 during the year to an ending balance of $390,000. What was the cost of supplies the Cal Farms purchased during the year? Multiple Choice $2,290,000 O $1,510,000 O $2,080,000 Help Multiple Choice $2,290,000. $1,510.000. $2,080,000 $1,720.000 Which of the following is not a factor in encouraging high-quality financial reporting? Multiple Choice The Sarbanes-Oxley Act. Auditors who attest to a company's financial statements. Internal control systems. All of these are factors encouraging high-quality financial reporting. DAL MA 21 Help In a statement of cash flows, cash received from the issuance of common stock would be classified as a: Multiple Choice Non-cash activity. Operating activity Financing activity Investing activity Vhen a registrant company submits its annual filing to the SEC, It uses: Multiple Choice Form 10-A. Form S-1 Form 10-Q Form 10-K The International Accounting Standards Board: Multiple Choice Has its headquarters in Geneva. Can overrule the FASB when their policies disagree. Promotes the use of high-quality, understandable global accounting standards. Was the predecessor to the IASC. The FASB's standard-setting process includes, in the correct order: Multiple Choice Discussion paper, research, exposure draft, Accounting Standards Update. Research, discussion paper, exposure draft, Accounting Standards Update. Research, exposure draft, discussion paper, Accounting Standards Update. Exposure draft, research, discussion paper, Accounting Standards Update 30 Saved Help Save & Which of the following is not a provision of the Public Company Accounting Reform and Investor Protection Act of 2002? Multiple Choice All of these answer choices are correct. Auditor rotation. Retention of work papers. Corporate executive accountability Regarding convergence of accounting standards, the FASB and IASB: Multiple Choice Do not intend to work together to achieve convergence where possible. Have agreed to combine their organizations to form the BUSYB. Have achieved full convergence with respect to financial instruments. Are not likely to achieve full convergence of accounting standards in the near future. What two primary qualitative characteristics make accounting information useful? Multiple Choice O Predictive value and relevance. Faithful representation and predictive value. Relevance and neutrality. Faithful representation and relevance