Which accounting standard is primarily concerned with the preparation of financial statements?
Practice Questions
1 question
Q1
Which accounting standard is primarily concerned with the preparation of financial statements?
IFRS
GAAP
IAS
All of the above
All of these accounting standards provide guidelines for the preparation of financial statements.
Questions & Step-by-step Solutions
1 item
Q
Q: Which accounting standard is primarily concerned with the preparation of financial statements?
Solution: All of these accounting standards provide guidelines for the preparation of financial statements.
Steps: 5
Step 1: Understand that financial statements are important documents that show a company's financial performance and position.
Step 2: Learn that there are different accounting standards that guide how these financial statements should be prepared.
Step 3: Recognize that the main accounting standards include GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards).
Step 4: Realize that all these standards provide specific rules and guidelines for creating financial statements.
Step 5: Conclude that the question is asking which standard is mainly focused on financial statements, and the answer is that all of them are relevant.
