Which of the following does not provide guidance about GAAP for companies that are publicly listed on a

Which of the following does not provide guidance about GAAP for companies that are publicly listed on a stock exchange?
Multiple Choice

• FASB
  
• EITF
  
• IASB
  
• GASB
  

Regarding convergence of accounting standards, the FASB and IASB:
Multiple Choice

• Are not likely to achieve full convergence of accounting standards in the near future.
  
• Have achieved full convergence with respect to financial instruments.
  
• Have agreed to combine their organizations to form the BUSYB.
  
• Do not intend to work together to achieve convergence where possible.
  

The following information ($ in millions) comes from a recent annual report of Amazon.com, Inc.:

Net sales	$	10,758
Total assets		4,410
End of year balance in cash		1,191
Total stockholders' equity		497
Gross profit (Sales − Cost of Sales)		2,475
Net increase in cash for the year		18
Operating expenses		2,048
Net operating cash flow		696
Other income (expense), net		(31	)

Compute Amazon's total liabilities at the end of the year.
Multiple Choice

• $3,239
  
• $3,913
  
• $2,384
  
• $4,410
  

The following information ($ in millions) comes from a recent annual report of Amazon.com, Inc.:

Net sales	$	10,890
Total assets		4,482
End of year balance in cash		1,203
Total stockholders' equity		508
Gross profit (Sales − Cost of Sales)		2,491
Net increase in cash for the year		10
Operating expenses		2,049
Net operating cash flow		678
Other income (expense), net		(21	)

Compute Amazon's balance in cash at the beginning of the year.
Multiple Choice

• $1,033
  
• $1,193
  
• $1,203
  
• $1,834