Financial Accounting Principles Quiz

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

Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes.

Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction.

<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