Which of the Following Is a Pronouncement Originally Issued by the IASC

question 10

Multiple Choice

Which of the following is a pronouncement originally issued by the IASC and is not a pronouncement originally issued by the IASB?

• A) Business Combinations.
• B) First-Time Adoption of IFRS.
• C) Financial Instruments: Disclosures.
• D) Interim Financial Reporting.
• E) Operating Segments.

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Definitions:

Costing System

A method used by organizations to allocate production costs to products or services, aiding in financial analysis and pricing decisions.

Merchandising Entity

A business that purchases finished products and sells them to customers, typically involving retail and wholesale entities.

Value Chain

A series of activities that businesses go through to deliver a valuable product or service to the market.

Management Accounting

The process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions.