This Organization Was Established by the IFAC to Set International

question 80

Multiple Choice

This organization was established by the IFAC to set International Standards on Auditing (ISAs) that contribute to the uniform application of auditing practices on a worldwide basis.

• A)International Systems Audit and Control Association
• B)Auditing Standards Board
• C)Public Company Accounting Oversight Board
• D)International Auditing and Assurance Standards Board (IAASB)

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Definitions:

Price Level

A calculated mean price for all current economic goods and services.

Inflation Rate

The percentage increase in the general price level of goods and services in an economy over a specified period.

Money Supply

Money Supply denotes the total volume of money available in the economy, including cash, coins, and balances held in checking and savings accounts.

Value of Money

Refers to the purchasing power of money, or how much goods and services a unit of money can buy.