Question

6) 6) Which of the following is troe sbout the International Accoumting Staedards Board (IASB)? A) The goal of the lASB is to develop a single set of high quality, understandable enforceable, and globally accepted financial reporting standards based upon clearly articulated principles B) The LASB has been working with the FASB in recent years to achieve C) The SEC has delegated full authority to the lASB to be the accounting standards D) All of the above are correct convergence of International Financial Repoting Standards (IFRS) and U.S GAAP setting body in the United States E) Only A and B are correct. 7) Accounting can be defined as 7) A) the process of communicating the financial results of corporate activities to investors and regulatory bodies B) the process of preparing and auditing an entity's financial statements C) the process of ideotifying, measuring, and communicating economic information about an organization for the purpose of making decisions and infoened judgınents D) None of the above definitions are correct. E) A, B and C are correct 8) The balance sheet might also be called 8) A) Statement of Assets B) Statemernt of Changes in Financial Position C) Statement of Financial Position D) None of the above 9) Stockholders' equity refers to which of the following 9) A) A listing of the organization's assets and liabilitics B) Probable future sacrifices of economic benefits C) The ownership right of the stockholden's) of the entity D) All of the above. E) None of the above 10) Revenues are: 10) A) increases in net assets from selling a product, B) increases in net assets from selling common stock. C) cash receipts D) increases in net assets from occasional sales of equipment.

Answer 1

6.Which of the following is true about the International Accounting Standards Board (IASB

a.The IASB has been working with the FASB in recent years to achieve convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP

b.The goal of the IASB is to develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles

c.The SEC has delegated full authority to the IASB to be the accounting standards setting body in the United States.

d. All of these are correct.

e. only A and B are Correct.

International Financial Reporting Standards (IFRS) are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business

7) Accounting can be defined as

Option C

Accounting is a process of identifying and measuring quantitative financial activities and communicates these financial reports to the decision makers.

8)The balance sheet might also be called

Statement of financial position

9) Shareholder Equity

Option C

10)

Revenues:

Increase in net assets from selling a product.