International Standards Are Referred to as

question 203

Multiple Choice

International standards are referred to as

• A) IFRS.
• B) GAAP.
• C) IASB.
• D) FASB.

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Definitions:

Book Balance

The balance in a company's accounting records for a particular account, which may differ from the actual cash balance until reconciled.

Purchasing Department

A division within a company responsible for acquiring goods and services needed for its operations.

Purchase Order

A document issued by a buyer to a seller, indicating the types, quantities, and agreed prices for products or services.

Vendor

A business or person that sells goods or services.