Financial Reporting and Ethics - The Institute of Chartered ...

THE ENVIRONMENT: CORPORATE, PROFESSIONAL AND REGULATORYSAS 29: Interests ests In joint VenturenturesesIt complies with IAS No. 31.SAS 30: Interim Financial ReportingThe Standard complies with IAS 34.7.7 SUMMARY AND CONCLUSIONSThis chapter discusses what a corporation is, its interests and professionalresponsibilities. It also examines the concept of accountability, the role ofprofessional accountants in globalization, incorporation of companies and thecomponents of financial statements of quoted entities. This chapter concludeswith professional requirements in financial reporting and auditing.Refer to Comprehensive Questions and Suggested Solutions in Appendix II,page 269.7.8 REVISION QUESTIONS7.8.1 MULTIPLE-TIPLE-CHOICE QUESTIONS1. A corporation sole isA. a corporation which has only one single member at a time.B. made up of individuals who associate together.C. a sole business owner.D. a partnership business.E. a corporation which has two members at a time.2. The interests of corporations extend to(i) current investors.(ii) potential investors.(iii) customers.A. (i) and (ii) onlyB. (ii) and (iii) onlyC. (i) and (iii) onlyD. (i), (ii) and (iii)E. (ii) only3. A professional accountant should comply with the fundamental principlesof(i) integrity.(ii) objectivity.(iii) confidentiality.A. (iii) onlyB. (ii) onlyC. (ii) and (iii)D. (i), (ii) and (iii)E. (i) and (iii) only169