ACC426
Question: Financial Statements are prepared by entities for economic decision making by
Answer: Stakeholders
Question: The primary objectie of harmonisation was
Answer: To break the barriers of national differeces in financial reporting across the globe.
Question: Which of these bodies is responsible for reviewing widely spread accounting issues that have to do with IFRS and IAS?
Answer: International Financial Reporting Interpretation Committee (IFRIC).
Question: In which of these countries does the goememnt administer financial accounting?
Answer: In code law countries.
Question: The umbrella body for accounting profession all oer the world is called
Answer: International Federation of Accountants.
Question: The first complete description of double entry bookeeping as used in Venice was
Answer: PacioliYs Summa
Question: One of these statements most appropriately describes the main madate of International Accounting Standards Board (IASB).
Answer: To formulate IFRS and enforce IASs without substitute in IFRS.
Question: One of these did not contribute to the delopment of international accounting standard.
Answer: Organised economy
Question: One of these is not suitable for measuring the performance of headquarters of MNC and its subsidiaries in host countries.
Answer: Transfer pricing
Question: At what stage in the development of accounting standards does complaints against a specific standard mostly arise?
Answer: Proposal stage
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