Which of the Following Sources of Generally Accepted Accounting Principles

question 11

Multiple Choice

Which of the following sources of generally accepted accounting principles (GAAP) are NOT developed by the Canadian Accounting Standards Board (AcSB) ?

• A)Accounting Standards for Private Enterprises (ASPE)
• B)International Financial Reporting Standards (IFRS)
• C)GAAP for Pension Plans
• D)GAAP for Not-for-Profit entities

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Definitions:

Capacity To Control

Refers to the ability of an entity to direct the financial and operating policies of another entity so as to benefit from its activities.

Acquiring Entity

A company or individual that purchases or obtains control of another company or asset.

Voting Rights

The rights of shareholders to vote on company matters, such as the election of the board of directors or approval of significant corporate actions.