The IFAC Code of Conduct Applies To

question 2

Multiple Choice

The IFAC Code of Conduct applies to:

• A) All accountants, even if they are not licensed by the IFAC itself
• B) All professional accountants who work in industry
• C) All professional accountants who work in auditing, including both internal and external auditing
• D) All professional accountants

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Definitions:

Revenue Recognition

Accounting principle that determines the specific conditions under which income becomes realized as revenue.

Period Of Sale

The specific time during which a sale transaction is recognized in the accounting records, important for revenue recognition principles.

Completed-Contract Method

An accounting technique used to recognize revenue and expenses upon the completion of a contract, rather than progressively over its duration.

Partial Billings

Invoicing for a portion of a project or contract's value before the work is fully completed, typically used in long-term contracts.