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Which of the following is generally not considered one of the general-purpose financial statements issued by a corporation?

Question 26 options:

	Income statement forecast for the coming year.
	Balance sheet.
	Statement of financial position.
	Statement of cash flows.

Question 27 (2 points)

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The designation of CPA is given by:

Question 27 options:

	Universities.
	States.
	The AICPA.
	The SEC.

Question 28 (2 points)

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Which of the following is not a basic function of an information system?

Question 28 options:

	To interpret and record the effects of business transactions.
	To classify the effects of similar transactions in a manner that permits determination of various totals and subtotals useful to management.
	To ensure that a business organization will be managed profitably.
	To summarize and communicate information to decision makers.

Question 29 (2 points)

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The financial statements of a business entity:

Question 29 options:

	Include the balance sheet, income statement, and income tax return.
	Provide information about the cash flow prospects of the company.
	Are the first step in the accounting process.
	Are prepared for a fee by the Financial Accounting Standards Board.

Question 30 (2 points)

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The basic purpose of generally accepted accounting principles is to:

Question 30 options:

	Minimize the possibility of a business becoming insolvent.
	Provide a framework for financial reporting that is understood by both the preparers and the users of financial statements.
	Ensure that financial statements include the type of information that is best suited to every type of business decision.
	Eliminate the need for professional judgment in preparing financial statements.