How Is Use of an Applicable Accounting Framework Enforced Via

question 45

Multiple Choice

How is use of an applicable accounting framework enforced via legislation?

• A)The Canada Business Corporations Act and many provincial incorporating acts require that financial statements be prepared in accordance with CAS as set out in the CPA Canada Handbook.
• B)PAs who do not prepare financial statements in accordance with such frameworks are expelled from their professional association.
• C)tax authorities may sue corporations who do not prepare their financial statements in accordance with such frameworks.
• D)financial executives may be sued if the financial statements prepared by their company are not in conformance with such frameworks.

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Definitions:

Dilation Of Pupils

The enlargement of the pupils of the eyes, which can occur due to various factors such as light exposure, emotional state, or attraction.

Railroad Crossing

A point at which a railway line and a road (or two railway lines) intersect at the same level, typically marked by signs, lights, and barriers.

Lie Detection

A process or technique used to determine if a person is telling the truth or not, often employing physiological responses.

Concealed Information Test

The Concealed Information Test is a psychological assessment tool used to determine whether an individual has knowledge of information that they are trying to conceal, often used in forensic contexts.