≡ MENU

MCQs Papers Definitions Flashcards

MCQs
Papers
Definitions
Flashcards

Categories

Home—›
Financial Reporting

?

Which of the following organizations is responsible for setting
International Financial Reporting Standards?

Financial Accounting Standards Board.
International Accounting Standards Committee.
Financial Accounting Committee.
International Accounting Standards Board.

Correct - Your answer is correct.

Wrong - Your answer is wrong.

Detailed Answer

(d) The requirement is to identify the body that sets
international accounting standards. Answer (d) is correct because
the International Accounting Standards Board (IASB)
issues International Financial Reporting Standards.

Related MCQs

?Notes to financial statements are beneficial in meeting the disclosure requirements of financial reporting. The notes should not be used to
?An objective of financial reporting is
?Kell Corp.â€™s $95,000 net income for the quarter ended September 30, year 1, included the following after-tax items: A $60,000 extraordinary g...
?Vilo Corp. has estimated that total depreciation expense for the year ending December 31, year 1, will amount to $60,000, and that year 1 year-end b...
?On June 30, year 1, Mill Corp. incurred a $100,000 net loss from disposal of a business segment. Also, on June 30, year 1, Mill paid $40,000 for pro...
?During the first quarter of year 2, Tech Co. had income before taxes of $200,000, and its effective income tax rate was 15%. Tech’s year 1 effecti...
?During the first quarter of year 2, Tech Co. had income before taxes of $200,000, and its effective income tax rate was 15%. Tech’s year 1 effecti...
?Advertising costs may be accrued or deferred to provide an appropriate expense in each period for Interim financial reporting Year-end financial re...
?A planned volume variance in the first quarter, which is expected to be absorbed by the end of the fiscal period, ordinarily should be deferred at t...
?Due to a decline in market price in the second quarter, Petal Co. incurred an inventory loss. The market price is expected to return to previous lev...

Home

Privacy Policy DMCA Policy Contact Us

Copyright © 2015 accountingMCQs.com | All Rights Reserved