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Questions and Answers
True or false: Financial reporting standards provide principles for preparing financial reports and determine the types and amounts of information that must be provided to users of financial statements?
True or false: Financial reporting standards provide principles for preparing financial reports and determine the types and amounts of information that must be provided to users of financial statements?
True (A)
True or false: GAAP stands for Generally Accepted Accounting Principles?
True or false: GAAP stands for Generally Accepted Accounting Principles?
False (B)
True or false: The International Accounting Standards Board (IASB) sets financial reporting standards that have been adopted in many countries?
True or false: The International Accounting Standards Board (IASB) sets financial reporting standards that have been adopted in many countries?
True (A)
True or false: The body of standards issued by the International Accounting Standards Board (IASB) is referred to as International Financial Reporting Standards?
True or false: The body of standards issued by the International Accounting Standards Board (IASB) is referred to as International Financial Reporting Standards?
True or false: The Financial Accounting Standards Board (FASB) is responsible for setting financial reporting standards in the United States?
True or false: The Financial Accounting Standards Board (FASB) is responsible for setting financial reporting standards in the United States?
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Study Notes
Financial Reporting Standards
- Financial reporting standards provide principles for preparing financial reports and determine the types and amounts of information that must be provided to users of financial statements.
Accounting Principles
- GAAP stands for Generally Accepted Accounting Principles.
International Accounting Standards Board (IASB)
- The IASB sets financial reporting standards that have been adopted in many countries.
- The body of standards issued by the IASB is referred to as International Financial Reporting Standards (IFRS).
Financial Accounting Standards Board (FASB)
- The FASB is responsible for setting financial reporting standards in the United States.
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