The Body That Has the Responsibility to Set Generally Accepted

question 23

Multiple Choice

The body that has the responsibility to set generally accepted accounting principles in Canada is the

• A)FASB.
• B)IASB.
• C)AcSB.
• D)OSC.

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Definitions:

U.S. Dollars

The legal tender of the United States, denoted by the symbol $.

Foreign Currency

Currency used in a country other than one's own, exchanged for goods, services, or to conduct financial transactions.

Australian Dollars

The currency of Australia, represented by the symbol AUD and used throughout the country.

Tax

Tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization to fund government spending and various public expenditures.