Which of the following does not provide guidance about GAAP for companies that are publicly listed on a stock exchange?

Multiple Choice

• FASB

• EITF

• IASB

• GASB

Regarding convergence of accounting standards, the FASB and IASB:

Multiple Choice

• Are not likely to achieve full convergence of accounting standards in the near future.

• Have achieved full convergence with respect to financial instruments.

• Have agreed to combine their organizations to form the BUSYB.

• Do not intend to work together to achieve convergence where possible.

The following information ($ in millions) comes from a recent annual report of Amazon.com, Inc.:

Net sales	$	10,758
Total assets		4,410
End of year balance in cash		1,191
Total stockholders' equity		497
Gross profit (Sales Cost of Sales)		2,475
Net increase in cash for the year		18
Operating expenses		2,048
Net operating cash flow		696
Other income (expense), net		(31	)

Compute Amazon's total liabilities at the end of the year.

Multiple Choice

• $3,239

• $3,913

• $2,384

• $4,410

The following information ($ in millions) comes from a recent annual report of Amazon.com, Inc.:

Net sales	$	10,890
Total assets		4,482
End of year balance in cash		1,203
Total stockholders' equity		508
Gross profit (Sales Cost of Sales)		2,491
Net increase in cash for the year		10
Operating expenses		2,049
Net operating cash flow		678
Other income (expense), net		(21	)

Compute Amazon's balance in cash at the beginning of the year.

Multiple Choice

• $1,033

• $1,193

• $1,203

• $1,834