Regarding related party transactions, A) both IRS and ASPE deal only with disclosure requirements for such transactions. B) ASPE requires that some related party transactions be remeasured. C) transactions between related parties are usually presumed to take place at arms length. D) related parties do not include members of the immediate family of company management.

Which of the following issues does NOT apply to unincorporated businesses? A) the share structure and ownership B) salaries, interest, or similar items accruing to owners should be clearly indicated C) No provision for income taxes should be made. D) whether of not the entity is a separate legal entity

Which of the following is not a limitation of financial statement analysis?

A) A single ratio, by itself, is not likely to be very useful.

B) Financial statement analysis is not likely to reveal why things are as they are.

C) Ratio and trend analyses will help identify strengths and weaknesses of a company.

D) Financial statements report on the past.

Which of the following does not need to be included in interim reports? A) A forecast of the annual earnings. B) A statement that the company applies the same policies as in its annual report. C) Whether the financial statements are in compliance with FRS. D) A description of any effects of seasonality.

Under aspe, which of the following is required regarding related parties

A) Disclosing the name of the controlling entity.

B) Disclosing the name of the entity's parent company.

C) Remeasurement.

D) Disclosing management compensation.