ACCOUNTING UNIT 2

TRUE OR FALSE: THE IASB'S PURPOSE IS TO DEVELOP INTERNATIONAL FINANCIAL REPORTING STANDARDS

• TRUE

• FALSE

WHAT DOS FASB STAND FOR?

• INTERNATIONAL ACCOUNTING STANDARDS BOARD

• FINANCIAL ACCOUNTABILITY STANDARDS BOARD

• FINANCES ACCOUNTING STANDARDS BOARD

• FINANCIAL ACCOUNTING STANDARDS BOARD

THE PURPOSE OF FASB IS TO DEVELOP INTERNATIONAL FINANANCIAL REPORTING STANDARDS

• FALSE

• TRUE

WHAT DOES GAAP STAND FOR?

• GENERAL ACCEPTED ACCOUNTABILITY PRINCIPLES

• GENERALLY ACCEPTED ACCOUNTING PRINCIPALS

• GENERALLY ACCEPTED ACCOUNTANT PRINCIPLES

• GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

Believe in the reliability of

• GAP

• BELIEVE

• TRUST

• FOSTERING

AN EMPTY SPACE BETWEEN TWO

• CROSS-BORDER

• TRUST

• ACCOUNTABILITY

• GAP

BETWEEN DIFFERENT COUNTRIES

• FOSTERING

• CROSS-BORDER

• ACCOUNTABILITY

• TRUST

According to IFRS the title ‘Statement of financial position’ is obligatory

• True

• False

According to IFRS non-current assets and liabilities are separated

• True

• False

Synonym of disclosure

• Follow

• objective

• aim

• Publication