Reference no: EM132933288

Problem 1: To which reporting standards must private corporations in the Canada adhere?

Select one:

a. ASPE

b. They have a choice of using IFRS or ASPE

c. IFRS

d. They do not need to adhere to any financial reporting standards.

Problem 2: The equity section of a corporation's balance sheet (statement of financial position) is called:

Select one:

a. Partners' Capital

b. Retained Earnings

c. Owner's Equity

d. Shareholders' Equity

Problem 3: Reasons for a corporation to issues shares include:

Select one:

a. Creating a board of directors to guide corporate strategy

b. Generating market interest in the corporation

c. Raising financial capital

d. Diluting ownership