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Intermediate Financial Accounting (ACCT301) Class Activities for Chapter one 1. Financial statements are the principal means through which financial information is communicated to those outside

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Intermediate Financial Accounting (ACCT301) Class Activities for Chapter one 1. Financial statements are the principal means through which financial information is communicated to those outside an enterprise. True False 2. The major financial statements used under International Financial Reporting Standards (IFRS) include the statement of changes in financial position and the statement of stockholders' equity. True False 3. In order to provide information that is useful in decision making and capital allocation, the International Financial Reporting Standards (IFRS) requires all companies to use a common currency. True False 4. Users of the financial information provided by a company use that information to make capital allocation decisions. True False 5. An effective process of capital allocation promotes productivity and provides an efficient market for buying and selling securities and obtaining and granting credit. True False 6. Over 115 countries require or permit use of International Financial Reporting Standards (IFRS). True False 7. Intemational Financial Reporting Standards preceded International Accounting Standards. True False 8. The standard-setting structure used by the International Accounting Standards Board is very similar to that used by the Financial Accounting Standards Board. True False 9. The International Accounting Standards Board issues International Financial Reporting Standards. True False 10. The two major standard-setting organizations in the world are the International Accounting Standards Board (IASB) and International Organization of Securities Commission (IOSCO). True False 11. The International Organization of Securities Commissions (IOSCO) sets accounting standards for those countries which have not yet adopted IFRS. True False 12. The International Accounting Standards Board (IASB) has 16 members and each member of the IASB must come from a different country True False 13. The IASB relies primarily on the International Organization of Securities Commissions (IOSCO) for regulation and enforcement of its standards. True False

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