Which of the following was originally created to develop and approve a set of common International Financial Reporting Standards (IFRS)?
A. International Accounting Standards Board (IASB)
B. Securities and Exchange Commission (SEC)
C. Generally Accepted Accounting Principles (GAAP)
D. International Federation of Accountants
E. International Accounting Standards Committee
Answer: A
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A) create customer needs B) differentiate in terms of cost of production C) deliver customer value at a profit D) reduce competition E) communicate similar value as provided by competitors
Government actions that are procedurally fair may still be unconstitutional if they are substantively unfair.
Answer the following statement true (T) or false (F)
Events or transactions occurring after the balance sheet date and before the audit report date, can be useful in identifying and evaluating the reasonableness of estimates
a. True b. False Indicate whether the statement is true or false
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A. Ensure that closing entries have been properly posted to the ledger accounts. B. Simplify a company's recording of certain journal entries in the future. C. Correct errors made in previous journal entries. D. Make certain that only permanent accounts are carried forward into the next accounting period. E. Complete a required step in the accounting cycle.