What Is the Primary Role of the Financial Reporting Council

question 14

Multiple Choice

What is the primary role of the Financial Reporting Council in the United Kingdom?

• A)Compliance oversight
• B)Setting standards for accounting practice
• C)Policy over the accounting standard-setting process
• D)All of the above

---

Definitions:

Deferral Method

A method used in accounting to postpone the recognition of expenses or revenues to a future period.

Donation Recognition

The process of recording and acknowledging received donations in financial statements and reports.

Purchase of Land

The acquisition of real estate property through a financial transaction.

Deferral Method

An accounting principle where income or expenses are postponed to future reporting periods.