The Membership Rules of IFAC

question 4

Multiple Choice

The membership rules of IFAC:

• A) Prevent CPAs from joining it if they are not actively in practice
• B) Encourage CPAs from around the world to join it
• C) Deny membership to CPAs who are unwilling to abide by its rules of ethical conduct
• D) Deny membership to all individual CPAs

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Definitions:

GASB Concepts Statement No. 1

A framework provided by the Governmental Accounting Standards Board outlining objectives and concepts for general purpose external financial reporting by state and local governments.

Fund Balance Categories

Classification of fund balances in governmental accounting that indicates the extent to which spendable resources are subject to external restrictions or are designated for specific purposes.

GASB

The Governmental Accounting Standards Board, which establishes accounting standards for state and local governments in the United States.

Monetary Transfers

Financial transactions that involve the movement of money from one party to another, which can be domestic or international in nature.