LiabilitiesAre things of value used by the businessin its operation.O a.b. Are future economic benefits.c. Possess service potential.d. Are existing debts and obligations.IFRS are determined by thea. International Accounting Studies Board.b. International Auditors' Standards Body.c. Internal Accounting Standards Body.d. International Accounting StandardsBoard.

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 4MCQ

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The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
What accounting policies are disclosed in the notes accompanying a companys financial statements? Why is this disclosure important?
‏The reporting of accounting theory is related to ........ Select one : a . Principles b . Regulation c . Financial Information d . Hypothesis
Who enforces requirements regarding financial products and services? A. CCA B. ACCC C. ASIC D. ACL
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Which of the following is a major challenge facing the accounting profession? O A. Accounting for hard assets O B. Backward-looking information O. Financial measurements O D. Timeliness
An organization’s investors and creditors will primarily use information provided by:a. the organization’s financial accounting system.b. the organization’s managerial accounting system.c. the Internal Revenue Service.d. the Financial Accounting Standards Board.
The Conceptual Framework The IASB's Framework for the preparation and presentation of financial statements, sets out the concepts that underlie the preparation and presentation of financial statements that external users are likely to rely on when making economic decisions about an entity. In addition the Framework sets out the recognition criteria for assets and liabilities, which is of particular importance. Required: a. Explain the purpose of the Framework b. Define assets and liabilities and explain the important aspects of their definitions. Explain why these definitions are of particular importance for the preparation of an entity's statement of financial position and income statement.
Subject: Financial Accounting and Reporting What is the correct and complete answer to the following?
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Liabilities Are things of value used by the business in its operation. O a. b. Are future economic benefits. O c. Possess service potential. d. Are existing debts and obligations.