Which Financial Statement Is Implicitly Considered Dominant as Standard Setting

question 47

Multiple Choice

Which financial statement is implicitly considered dominant as standard setting have shifted toward the asset/liability approach?

• A)statement of financial position
• B)statement of cash flows
• C)statement of shareholders' equity
• D)statement of comprehensive income

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Definitions:

IT Steering Committee

A committee composed of a group of managers and staff representing various organizational units that is set up to establish IT priorities and to ensure that the MIS function is meeting the needs of the enterprise.

MIS Function

The role of Management Information Systems in processing data to provide information for decision-making.

Corporate Strategy

The approach and actions a company takes to achieve its business goals and to secure a competitive position in the market.

IT Steering Committee

A group of senior executives who provide direction, guidance, and oversight for an organization's IT strategies, policies, and investments.