The Third Party Who Checks Annual Financial Statements to Ensure

question 30

Multiple Choice

The third party who checks annual financial statements to ensure that they are prepared according to Generally Accepted Accounting Principles (GAAP) and verifies that the information reported is reliable is the:

• A)TSX Enforcement Board.
• B)Accounting Standards Board.
• C)provincial securities commission.
• D)auditor.
• E)GAAP commission.

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Definitions:

Preoperational Children

Describes children in Piaget's stage of cognitive development, typically aged 2-7, characterized by symbolic thinking and difficulty understanding other perspectives.

Three-mountain Test

A cognitive development test designed by Jean Piaget to assess a child's ability to understand perspectives different from their own.

Reversibility

According to Piaget, recognition that processes can be undone, leaving things as they were before. Reversibility is a factor in conservation of the properties of substances.

Hypothetical Thinking

The cognitive ability to consider possibilities, imagine outcomes, and think about events or conditions that are not yet real or present.