A Ownership And Business Standards Questionnaire

  • ISO 9001
  • GAAP
  • IFRS
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1. Principle of Utmost Good Faith or "uberrimae fidei" in Latin, can be considered a general principle of GAAP.

Explanation

The principle of Utmost Good Faith or "uberrimae fidei" is a fundamental principle in insurance contracts, requiring both parties to act honestly and disclose all relevant information. While it is not specifically a principle of GAAP (Generally Accepted Accounting Principles), it is a principle that aligns with the general concept of transparency and honesty in financial reporting. Therefore, the statement that it is a general principle of GAAP is true.

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About This Quiz
A Ownership And Business Standards Questionnaire - Quiz

Welcome to A Ownership and Business Standrads Questionnaire. Business structures around the globe are based on specific set standards that make them feasible to accommodate the regulations without falling for the tripwire of untoward business developments. Various organizations across different countries comply with international standards, while many adhere to thei... see morefabricated standards. The following Questionnaire will test your knowledge of aspects related to auditing and ownership of businesses. All the best! see less

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2. The International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called:

Explanation

The International Financial Reporting Standards (IFRS) is developed by the International Accounting Standards Board (IASB), which is an independent, not-for-profit organization. The IASB is responsible for setting and promoting the adoption of IFRS, which are a set of globally recognized accounting standards used by companies to prepare and present their financial statements. The other options, United Nations Conference on Trade and Development (UNCTAD) and Bureau of Business Standards Management (BBSM), are not the correct answer as they are not the organizations responsible for developing IFRS.

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Principle of Utmost Good Faith or "uberrimae fidei" in Latin, can...
The International Financial Reporting Standards (IFRS) is a set of...
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