Internal Documents Prepared by Accountants When Organizing the Information Presented

question 115

Multiple Choice

Internal documents prepared by accountants when organizing the information presented in formal reports to internal and external decision makers are called

• A) Adjusting papers
• B) Statement papers
• C) Working papers
• D) Closing papers
• E) Business papers

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Definitions:

IFRS

International Financial Reporting Standards are a globally-adopted set of accounting standards aimed at making financial statements comparable across international boundaries.

Actuarial Gains And Losses

These are the differences that result from changes in actuarial assumptions and the difference between expected and actual performance on pension plans and other post-retirement benefits.

IFRS

International Financial Reporting Standards are a set of accounting standards developed by the International Accounting Standards Board (IASB) that outline how financial statements should be prepared and disclosed globally.

Net Interest

The difference between the revenue from interests received on various investments and the expenses from paying interest on borrowings.