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The reliability principle requires that
accounting information be dependable--free from significant error and bias.
Users of accounting information rely on its truthfulness. To be reliable,
information must be verifiable by people outside the business; Financial
statement users may consider information reliable if independent experts would
agree that the information is based on objective and honest
measurement. Consider the error in a company's failure to accrue
interest revenue at the end of an accounting period. This error results in
understated interest revenue and understated net income. Clearly, this company's
accounting information is unreliable. Biased information -- data
prepared from a particular viewpoint and not based on objective facts -- is also
unreliable. Suppose a company purchased inventory for $ 25. 000. At the end of
the accounting period, the inventory had declined in value and can be replaced
for $ 20 000. Under the lower of cost or market rule, the company must record a
$ 5 000 loss for the decrease in the inventory's value. Company management may
believes that the appropriate value for the inventory is $ 22 000, but that
amount is only an opinion. If management reports the $ 22 000 figure, total
assets and owner's equity will be overstated on the balance sheet. Income will
be overstated on the income statement. To establish a reliable
figure for the inventory's value, management could get a current price list from
the inventory supplier or call in an outside professional appraiser to revalue
the inventory. Evidence obtained from outside the company leads to reliable,
verifiable information. The reliability principle applies to all financial
accounting information --from assets to owner's equity on the balance sheet and
from revenue to net income on the income statement.
单选题For a closed two-good economy, the output of the two goods should be at the point where: （ ）
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单选题{{B}}Passage Two{{/B}}
Reserve Banks have expressed an
interest in using non-employee experts or consultants on bank supervision
matters for a number of reasons. A Reserve Bank may seek to engage retired
examiners to address fluctuating resource demands, for example, in the event of
a rapid but temporary need for examiners experienced in loan underwriting and
credit review. An external expert may be used to provide supplemental training,
for example, to expose examiners to new analytical techniques, or to provide
on-the-job training to examiners who have not experienced an economic downturn,
problem loans, or problem banks. While it is important to maintain adequate
resources and expertise on an ongoing basis, a Reserve Bank may decide in a
particular situation that using a consultant is a more cost effective or
efficient approach to meeting a specialized skill need. For example, a
consultant may be engaged for a one-time assignment that does not justify a
full-time expert on staff, particularly if a System expert is not available.
Similarly, an external expert with industry-specific knowledge may be retained
to evaluate a business activity that is nontraditional to banking, such as
brokerage services or insurance.
单选题The price in the foreign exchange market is called ______. A. the trade surplus B. the exchange rate C. the money price D. the currency rate
单选题Take the deflation into consideration, which method of inventory valuation will usually produce the highest profit and the lowest closing inventory value.
(a)FIFO method. (b)Weighted average cost method.
(c)LIFO method. (d)None of the above.
单选题When a bank's problems have affected its capital base, in order to restore its capital position, the bank might raise new equity capital, sell unprofitable assets or business and accelerate the pace of expansion.
单选题All of the following are the functions of bill of lading except ______.
单选题The IFC's policy is to favor joint ventures that have some local capital ______ at the outset.
单选题Under the loan classification system, standards used to assess credit quality are mainly based on the degree of risk and the possibility of orderly repayment.
单选题According to the passage, the "charter party" means ______.
单选题When one country's potential GDP is higher than its real GDP, this means: ()
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单选题Cutting taxes can lower investment through its impact on interest rates. This is an example of the: ()
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单选题Under FOB terms the bill of lading would state goods ______.
单选题Directions: In this section, you will hear ten short statements. Each
statement will be spoken only once. After each statement there will be a pause.
During the pause, you must read the four suggested answers marked A, B, C and D,
and decide which is the best answer. Then mark the corresponding letter on the
ANSWER SHEET with a single line through the center.
单选题The primary source of funds of fire and casualty insurance companies includes ______.
单选题Under D/A, documents are ______.