Podcast
Questions and Answers
What is the purpose of the Accounting Cycle?
What is the purpose of the Accounting Cycle?
- To prepare the unadjusted trial balance
- To post transactions to the general ledger
- To create financial statements (correct)
- To identify transactions
Who are the users of financial reports prepared through Financial Accounting?
Who are the users of financial reports prepared through Financial Accounting?
- Employees, customers, suppliers, and competitors
- Investors, creditors, managers, unions, and government agencies (correct)
- Students, teachers, administrators, and parents
- Partners, shareholders, consultants, and auditors
What do Accounting Standards specify?
What do Accounting Standards specify?
- How transactions and events are recognized, measured, presented, and disclosed in financial statements (correct)
- How to determine the selling price of products
- How to engage in business activities
- How to record transactions in ledgers
Which body is responsible for setting international accounting standards?
Which body is responsible for setting international accounting standards?
What is the primary source of generally accepted accounting principles (GAAP)?
What is the primary source of generally accepted accounting principles (GAAP)?
What is the main responsibility of the IFRS Interpretations Committee?
What is the main responsibility of the IFRS Interpretations Committee?
What is the role of the IFRS Advisory Council?
What is the role of the IFRS Advisory Council?
Which organization is responsible for appointing members and reviewing effectiveness within the IFRS structure?
Which organization is responsible for appointing members and reviewing effectiveness within the IFRS structure?
What is the purpose of the Monitoring Board within the international financial reporting structure?
What is the purpose of the Monitoring Board within the international financial reporting structure?
Which entity is responsible for developing a single set of high quality global financial reporting standards for general purpose financial statements?
Which entity is responsible for developing a single set of high quality global financial reporting standards for general purpose financial statements?
