Questions: 41 | Attempts: 63432 | Last updated: Nov 16, 2020
The purpose of the Conceptual Framework is:
To assist the International Accounting Standards Board to develop IFRS Standards
To assist preparers of IFRS financial statements to develop consistent accounting policies when no IFRS Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy
To assist all parties to understand and interpret IFRS Standards
Are you ready for a quick account knowledge quiz? For a business to prosper, what they need most is funding which can come through investments, cash or selling their shares. What do you understand about these different types...
Questions: 8 | Attempts: 20698 | Last updated: Sep 14, 2020
What is stockholders' equity?
Sales of products or services
Owners' claims to resources
Costs of selling products or services
Questions: 10 | Attempts: 9830 | Last updated: Jan 4, 2021
A source document is:
The origin of the information that is recorded into the accounting books
The origin of the information that is taken from the accounting books
Not the origin of information that is recorded into the accounting books