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:

Reciprocal Services

Services exchanged between departments within an organization, used in cost accounting to allocate service department costs to producing departments.

Reciprocal Services

Services exchanged between departments within an organization or between companies without direct monetary payment, often valued and accounted for through internal mechanisms.

ABC

An abbreviation for Activity-Based Costing, a method of costing that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each.

Direct Method

A cash flow statement preparation method that shows the specific sources of operating cash receipts and payments, contrasting with the indirect method.