Identify the year the SEC will require American companies to switch from U.S.-based GAAP to IFRS as the basis for preparing financial statements
A) 2016
B) 2018
C) 2020
D) At this point it is unclear when the SEC will require American companies to implement IFRS, though the SEC remains committed to requiring U.S. companies use IFRS at some point.
Answer: D
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Pete, who is 35 years old, has a life insurance policy with a death benefit of $150,000. At the age of 65 the cash values of his policy will be $150,000. What type of policy does he have?
A. Whole Life B. An Endowment to the age of 65 C. Life Paid-up at 65 D. A 30-Year Term Plan
For an investment to qualify as a cash equivalent, it must be readily convertible to a known amount of cash and
A. it must be identified as a cash equivalent on the income statement. B. must be sufficiently close to its maturity date so that its market value is relatively insensitive to interest rate changes. C. the investment must have a known foreign exchange rate. D. it must mature within 4 months.