Corporate Accounting Essentials Quiz
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Questions and Answers

Which accounting standard is commonly used for corporate financial reporting in the United States?

  • IFRS (International Financial Reporting Standards)
  • IAS (International Accounting Standards)
  • US GAAP (Generally Accepted Accounting Principles) (correct)
  • Ind AS (Indian Accounting Standards)

    • What is the primary objective of corporate accounting?

  • Maximizing shareholder wealth (correct)
  • Minimizing tax liabilities
  • Maximizing customer satisfaction
  • Minimizing production costs

    • Which financial statement provides information about a company's profitability over a specific period?

  • Statement of cash flows
  • Statement of retained earnings
  • Income statement (correct)
  • Balance sheet

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