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Questions and Answers
Who are examples of people interested in financial statements for decision making purposes?
Who are examples of people interested in financial statements for decision making purposes?
- Customers, competitors, and regulators
- Stockholders, suppliers, banks, and employees (correct)
- CEOs, marketing teams, and creditors
- Managers, shareholders, and auditors
What is the standard framework of guidelines for financial accounting used in any given jurisdiction?
What is the standard framework of guidelines for financial accounting used in any given jurisdiction?
- International Accounting Standards Board (IASB)
- Generally Accepted Accounting Principles (GAAP) (correct)
- Financial Accounting Standards Board (FASB)
- International Financial Reporting Standards (IFRS)
Who issues International Financial Reporting Standards (IFRS)?
Who issues International Financial Reporting Standards (IFRS)?
- International Accounting Standards Board (IASB) (correct)
- Financial Accounting Standards Board (FASB)
- Securities and Exchange Commission (SEC)
- Public Company Accounting Oversight Board (PCAOB)
What does financial accountancy involve?
What does financial accountancy involve?
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What has become more prevalent between global organizations with the widespread use of IFRS?
What has become more prevalent between global organizations with the widespread use of IFRS?
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Study Notes
Users of Financial Statements
- Investors, creditors, and other stakeholders use financial statements to make informed decisions
- Management uses financial statements to evaluate performance and make strategic decisions
Financial Accounting Framework
- Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in a given jurisdiction
International Financial Reporting Standards (IFRS)
- The International Accounting Standards Board (IASB) issues IFRS
Financial Accountancy
- Financial accountancy involves the preparation of financial statements, such as balance sheets, income statements, and cash flow statements
- It involves recording, classifying, reporting, and analyzing financial transactions and events
Globalization and IFRS
- With the widespread use of IFRS, consistency and comparability of financial statements have become more prevalent between global organizations
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