Financial Accounting Knowledge Quiz

Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders.

Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business.

GAAP is the standard framework of guidelines for financial accounting used in any given jurisdiction, including the standards, conventions, and rules that accountants follow in recording and summarizing financial statements.

<p>IFRS is a set of accounting standards stating how particular types of transactions and other events should be reported in financial statements.</p> Signup and view all the answers

<p>Financial accountancy is governed by both local and international accounting standards.</p> Signup and view all the answers