Financial Accounting Knowledge Quiz
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Financial Accounting Knowledge Quiz

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@ImprovingFreedom

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Questions and Answers

Who are examples of people interested in financial statements for decision making purposes?

  • Suppliers, government agencies, and international organizations
  • Stockholders, suppliers, and government agencies (correct)
  • Banks, employees, and business owners
  • Employees, business owners, and international organizations

    • Who issues the International Financial Reporting Standards (IFRS)?

  • International Monetary Fund (IMF)
  • International Accounting Standards Board (IASB) (correct)
  • Generally Accepted Accounting Principles (GAAP)
  • World Bank

    • What is the standard framework of guidelines for financial accounting used in any given jurisdiction?

  • Local accounting standards
  • International Accounting Standards Board (IASB)
  • Generally Accepted Accounting Principles (GAAP) (correct)
  • International Financial Reporting Standards (IFRS)

    • What is the focus of financial accounting?

    <p>Summary, analysis, and reporting of financial transactions related to a business</p> Signup and view all the answers

    What has become more prevalent between global organizations with the widespread adoption of IFRS?

    <p>Consistency in financial reporting</p> Signup and view all the answers

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