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