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IUP_Financial Reporting and Accounting Standards

Authored by Rani Raharjanti

Social Studies

University

Used 2+ times

IUP_Financial Reporting and Accounting Standards
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8 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

IFRS stands for:

International Federation of Reporting Services.

Independent Financial Reporting Standards.

International Financial Reporting Standards.

Integrated Financial Reporting Services.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The major key players on the international side are the:

IASB and IFRS Advisory Council.

IOSCO and the U.S. SEC.

London Stock Exchange and International Securities Exchange.

IASB and IOSCO.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Accounting standard-setters use the following process in establishing international standards:

Research, exposure draft, discussion paper, standard.

Discussion paper, research, exposure draft, standard.

Research, preliminary views, discussion paper, standard.

Research, discussion paper, exposure draft, standard.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

IFRS is comprised of:

International Financial Reporting Standards and FASB financial reporting standards.

International Financial Reporting Standards, International Accounting Standards, and International Accounting Standards Interpretations.

International Accounting Standards and International Accounting Standards Interpretations.

FASB financial reporting standards and International Accounting Standards.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The expectations gap is:

what financial information management provides and what users want.

what the public thinks accountants should do and what accountants think they can do.

what the governmental agencies want from standard-setting and what the standard-setters provide.

what the users of financial statements want from the government and what is provided.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Essential characteristics of accounting are, except:

the identification, measurement, and communication of financial information about

the identification, forecasting, and communication of financial information about

economic entities to

interested parties

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

how many steps due process on IASB...

3

4

5

6

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