A Clerk Prepares a Monthly Report Comparing the Actual Phone

question 35

Multiple Choice

A clerk prepares a monthly report comparing the actual phone bill with the expected phone costs. This activity would be classified as

• A) problem-solving.
• B) scorekeeping.
• C) planning.
• D) attention directing.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is used globally.

GAAP

The standard set of guidelines for financial accounting that are widely accepted in a specific jurisdiction, known as Generally Accepted Accounting Principles.

Income Statement

A financial document that shows a company's revenue and expenses over a specific period, ending with the net income or loss for that period.

GAAP

Generally Accepted Accounting Principles, a set of rules and standards for financial reporting widely accepted in the accounting profession.