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Which accounting standard governs the preparation of financial statements in man

Practice Questions

Q1
Which accounting standard governs the preparation of financial statements in many countries?
  1. IFRS
  2. GAAP
  3. IAS
  4. FASB

Questions & Step-by-Step Solutions

Which accounting standard governs the preparation of financial statements in many countries?
  • Step 1: Understand that financial statements are reports that show the financial performance and position of a company.
  • Step 2: Learn that different countries have different rules for preparing these financial statements.
  • Step 3: Identify that IFRS stands for International Financial Reporting Standards.
  • Step 4: Recognize that IFRS is a set of guidelines used by many countries to prepare financial statements.
  • Step 5: Conclude that IFRS governs the preparation of financial statements in many countries.
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