Accounting

1. IASB stands for...

• a) Financial Accounting Standards Board

• b ) International Accounting Standard Board

2. FASB stands for...

• a) Generally Accepted Accounting Principle

• b) Financial Accounting Standards Board

3. The purpose of IASB is...

• a) To develop and approve International Financial Reporting Standards

• b) To establish financial accounting and reporting standards for public and private

4. The key benefits of IFRS are...

• a) transpaerncy, honesty and efficiency.

• b) transparency, accountability, efficiency

5. The principles of GAAP are...

• a) Consistency, Continuiyty, Prudence, Sincerity and Utmost Faith.

• b) Consistency, Accountability, Prudence, Sincerity and Utmost Faith.

6.     In GAAP current and non-current assets and liabilities are separated.

• a) TRUE

• b) FALSE

7. GAAP Recognizes intangible assets at fair value.

• a) TRUE

• b) FALSE

8. In IFRS: a Statement of Comprehensive Income is required.

• a) TRUE

• b) FALSE

9. In GAAP, inventory write down reversals are possible under some conditions.

• a) TRUE

• b) FALSE

10. In IFRS, extraordinary items are ncluded with other items on the income statement.

• a) TRUE

• b) FALSE