Reference no: EM132823952

Problem 1: Consider the following information 'a company losing two ships during a storm'. This is an example of an:

Option 1: Underlying condition.
Option 2: Event.
Option 3: Internal transaction.
Option 4: External transaction.

Problem 2: The IASB has created accounting standards that are:

Option 1: Comparability-based.
Option 2: Rules-based.
Option 3: Transactions-based.
Option 4: Principles-based.

Problem 3: An effective audit must be conducted by:

Option 1: The governance committee.
Option 2: The audit committee.
Option 3: An independent expert.
Option 4: Both the governance and audit committees.