Financial Accounting Fundamentals Quiz

Stockholders, suppliers, and government agencies (correct)

Employees, banks, and business owners

Stockholders, employees, and business owners

Suppliers, banks, and government agencies

Accounting conventions and rules

Generally Accepted Accounting Principles (GAAP) (correct)

International Financial Reporting Standards (IFRS)

Local accounting standards

To manage internal business operations

To prepare financial statements available for public use (correct)

To oversee stockholder decision making

To regulate international accounting standards

<p>Stating how particular types of transactions and other events should be reported in financial statements</p> Signup and view all the answers

<p>Both local and international accounting standards</p> Signup and view all the answers