Financial Accounting Principles Quiz
5 Questions
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Financial Accounting Principles Quiz

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Questions and Answers

What is the main focus of financial accounting?

Preparation of financial statements

Who are examples of stakeholders interested in financial accounting information?

Business owners, banks, and regulatory authorities

What are Generally Accepted Accounting Principles (GAAP)?

A set of guidelines for financial accounting used worldwide

What is the purpose of International Financial Reporting Standards (IFRS)?

<p>To provide a set of accounting standards for reporting financial transactions</p> Signup and view all the answers

Who governs financial accountancy standards?

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

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