The IASB and FASB Boards Have Agreed That the Objective

question 34

Multiple Choice

The IASB and FASB boards have agreed that the objective of general purpose financial reporting is to provide

• A) financial information about a company that is useful to investors, lenders and other creditors
• B) mainly cash flow information about a company that is useful to external users in making decisions in their capacity as capital providers
• C) financial information about a company that is useful to internal users in making decisions in their capacity as capital custodians
• D) financial information about a company that is used by government regulators for taxation

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Definitions:

Psychological Disorders

Mental disorders characterized by disturbances in thought, emotion, or behavior, significantly impairing personal functioning.

Religiously Involved

Participating in or committed to religious practices or institutions with regularity and devotion.

Pineal Gland

A small endocrine gland in the brain that produces melatonin, a hormone that regulates sleep-wake cycles.

Melatonin

A hormone produced by the pineal gland that regulates sleep and wakefulness.