41) Which statement best describes a publicly accountable enterprise?
A) An entity that has not issued debt instruments that are outstanding and traded in a public market.
B) An entity that holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses.
C) An entity that has not issued equity instruments that are outstanding and traded in a public market.
D) An entity that holds assets in a legal capacity for a broad group of outsiders as one of its primary businesses.
42) Which statement best describes a private enterprise?
A) Any entity that is not a publicly accountable enterprise.
B) Any for-profit organization that is not a publicly accountable enterprise.
C) An entity that holds assets in a legal capacity for a broad group of outsiders as one of its primary businesses.
D) Any entity, excluding a not-for-profit organization.
43) As of January 1, 2011, what standards are not contained in the CICA Handbook?
A) Accounting standards for publicly accountable enterprises.
B) Accounting standards for not-for-profit organizations.
C) Accounting standards for pension plans.
D) Standards for government organizations.
44) Which statement is not correct as of January 1, 2011?
A) Private enterprises may follow IFRS.
B) Private enterprises may follow ASPE.
C) Not-for-profit organizations may follow IFRS.
D) Government organizations must follow IFRS.
45) Which statement is correct as of January 1, 2011?
A) Private enterprises may follow IFRS.
B) Not-for-profit organizations may follow ASPE.
C) Publicly accountable enterprises may follow ASPE.
D) Private enterprises must follow ASPE.
46) Which statement is correct as of January 1, 2011?
A) Private enterprises must follow IFRS.
B) Publicly accountable enterprises must follow IFRS.
C) Not-for-profit organizations may follow ASPE.
D) Private enterprises must follow ASPE.
