Which of the Following Statements Is True of the International

question 7

Multiple Choice

Which of the following statements is true of the International Public Sector Accounting Standards Board?

• A) It has been authorized by the United Nations to set accounting and financial reporting standards for all countries with representation in the U.N.
• B) It has indicated that a country's financial statements should be on a cash basis or a modified accrual basis of accounting, consistent with the country's tradition, until all countries' accounting systems are more advanced.
• C) It has indicated that the public sector standards promulgated by the GASB are broadly consistent with IPSASB standards.
• D) It has shown little interest in convergence of its standards for governments with those promulgated by the International Accounting Standards Board for businesses.

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Definitions:

Loan

A sum of money that is borrowed, usually from a financial institution or individual, which is expected to be paid back with interest.

Payments

Transactions made by individuals or entities to fulfill obligations or to purchase goods and services.

Present Value

The immediate valuation of an upcoming sum of money or series of cash transactions, based on a given rate of return.

Future Value

The value of an investment at a specified date in the future, taking into account interest or capital gains.