International financial reporting framework (IFRS): International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide. To choose: The option that correctly describes International financial reporting framework.

Question

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Answer 1

Question

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

Chapter A1, Problem 1MCQ

To determine

Concept introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

To choose:

The option that correctly describes International financial reporting framework.

Expert Solution & Answer

Answer to Problem 1MCQ

b. IFRS consists only of standards that have been issued since the IASB was formed in 2001.

Explanation of Solution

Explanation for correct answer:

IFRS consists only of standards that have been issued since the IASB was formed in 2001. Hence correction option is b.

Explanation for incorrect answers:

a. IFRS does not describes the generally Accepted Accounting Policies used in U.S. Hence it is not the correct option.

c. IFRS are not considered more concept based than US GAAP. Hence it is not the correct option.

d. IFRS are already being used in United States. Hence it is not the correct option.

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Students have asked these similar questions

Please help me solve this general accounting question using the right accounting principles.

Accounts Payable A chain of appliance stores, APP Corporation, purchases inventory with a net price of $400,000 each day. The company purchases the inventory under the credit terms of 1/15, net 35. APP always takes the discount but takes the full 15 days to pay its bills. What is the average accounts payable for APP?

Please explain the solution to this financial accounting problem with accurate principles.

Answer 2

Question

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

Chapter A1, Problem 1MCQ

To determine

Concept introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

To choose:

The option that correctly describes International financial reporting framework.

Expert Solution & Answer

Answer to Problem 1MCQ

b. IFRS consists only of standards that have been issued since the IASB was formed in 2001.

Explanation of Solution

Explanation for correct answer:

IFRS consists only of standards that have been issued since the IASB was formed in 2001. Hence correction option is b.

Explanation for incorrect answers:

a. IFRS does not describes the generally Accepted Accounting Policies used in U.S. Hence it is not the correct option.

c. IFRS are not considered more concept based than US GAAP. Hence it is not the correct option.

d. IFRS are already being used in United States. Hence it is not the correct option.

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Answer 3

Question

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

Chapter A1, Problem 1MCQ

To determine

Concept introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

To choose:

The option that correctly describes International financial reporting framework.

Expert Solution & Answer

Answer to Problem 1MCQ

b. IFRS consists only of standards that have been issued since the IASB was formed in 2001.

Explanation of Solution

Explanation for correct answer:

IFRS consists only of standards that have been issued since the IASB was formed in 2001. Hence correction option is b.

Explanation for incorrect answers:

a. IFRS does not describes the generally Accepted Accounting Policies used in U.S. Hence it is not the correct option.

c. IFRS are not considered more concept based than US GAAP. Hence it is not the correct option.

d. IFRS are already being used in United States. Hence it is not the correct option.

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Answer 4

Question

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

Chapter A1, Problem 1MCQ

To determine

Concept introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

To choose:

The option that correctly describes International financial reporting framework.

Expert Solution & Answer

Answer to Problem 1MCQ

b. IFRS consists only of standards that have been issued since the IASB was formed in 2001.

Explanation of Solution

Explanation for correct answer:

IFRS consists only of standards that have been issued since the IASB was formed in 2001. Hence correction option is b.

Explanation for incorrect answers:

a. IFRS does not describes the generally Accepted Accounting Policies used in U.S. Hence it is not the correct option.

c. IFRS are not considered more concept based than US GAAP. Hence it is not the correct option.

d. IFRS are already being used in United States. Hence it is not the correct option.

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Answer 5

Chapter A1, Problem 1MCQ

To determine

Concept introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

To choose:

The option that correctly describes International financial reporting framework.

Expert Solution & Answer

Answer to Problem 1MCQ

b. IFRS consists only of standards that have been issued since the IASB was formed in 2001.

Explanation of Solution

Explanation for correct answer:

IFRS consists only of standards that have been issued since the IASB was formed in 2001. Hence correction option is b.

Explanation for incorrect answers:

a. IFRS does not describes the generally Accepted Accounting Policies used in U.S. Hence it is not the correct option.

c. IFRS are not considered more concept based than US GAAP. Hence it is not the correct option.

d. IFRS are already being used in United States. Hence it is not the correct option.

Answer 6

Chapter A1, Problem 1MCQ

To determine

Concept introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

To choose:

The option that correctly describes International financial reporting framework.

Expert Solution & Answer

Answer to Problem 1MCQ

b. IFRS consists only of standards that have been issued since the IASB was formed in 2001.

Explanation of Solution

Explanation for correct answer:

IFRS consists only of standards that have been issued since the IASB was formed in 2001. Hence correction option is b.

Explanation for incorrect answers:

a. IFRS does not describes the generally Accepted Accounting Policies used in U.S. Hence it is not the correct option.

c. IFRS are not considered more concept based than US GAAP. Hence it is not the correct option.

d. IFRS are already being used in United States. Hence it is not the correct option.

Answer 7

Chapter A1, Problem 1MCQ

To determine

Concept introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

To choose:

The option that correctly describes International financial reporting framework.

Answer 8

Expert Solution & Answer

Answer to Problem 1MCQ

b. IFRS consists only of standards that have been issued since the IASB was formed in 2001.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Explanation for correct answer:

IFRS consists only of standards that have been issued since the IASB was formed in 2001. Hence correction option is b.

Explanation for incorrect answers:

a. IFRS does not describes the generally Accepted Accounting Policies used in U.S. Hence it is not the correct option.

c. IFRS are not considered more concept based than US GAAP. Hence it is not the correct option.

d. IFRS are already being used in United States. Hence it is not the correct option.

Answer 12

Ch. A1 - Prob. 1MCQ Ch. A1 - Prob. 2MCQ Ch. A1 - Prob. 3MCQ Ch. A1 - Prob. 4MCQ Ch. A1 - Prob. 5MCQ Ch. A1 - Prob. 6MCQ Ch. A1 - Prob. 7MCQ Ch. A1 - Prob. 8MCQ Ch. A1 - Prob. 9MCQ Ch. A1 - Prob. 10MCQ

Answer to Problem 1MCQ

Explanation of Solution

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Chapter A1 Solutions