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Accounting Standards and Environmental Impact Assessment Quiz

10 Questions

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Accounting Standards and Environmental Impact Assessment Quiz

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Questions and Answers

What can be said about the journal entries required to assess the environmental impact of Oil?

They require a tremendous amount of judgment (correct)

They do not require judgment

They are solely based on historical costs

They pose no measurement issues

How are accounting standard setters described in the text?

Irrelevant to the measurement issues

Unrelated to the regulatory framework

Detached from affecting firms' financial statements

Part of the regulatory framework impacting financial statements (correct)

What impact do changes in regulations have on journal entries?

No impact at all

Only affect governmental agencies

Significant impact on all parties (correct)

A minimal effect on all parties

What is the starting point for computing numbers like regulatory capital?

GAAP assets Signup and view all the answers

Why may a non-omniscient Government Accountant (GA) not be able to record the 'true' changes in Citizens' equity?

Improper incorporation of social welfare issues Signup and view all the answers

According to CICA Section 3110, why is an entity not allowed to forecast changes in laws or regulations?

Forecasting changes can lead to hopelessly subjective results. Signup and view all the answers

Why does the text mention Government B putting a lower value on GDP per capita than Government A?

To illustrate a scenario involving different government perspectives. Signup and view all the answers

What is the reason behind not incorporating expected changes in laws or regulations in initial journal entries?

To avoid subjectivity and lack of reliability. Signup and view all the answers

What does the OCA have the prerogative to do according to the text?

Subjectively interpret existing laws and regulations. Signup and view all the answers

How does the text describe the exercise of forecasting legal changes?

Hopelessly subjective. Signup and view all the answers