Internal Users of Accounting Information Make the Strategic and Operating

question 48

True/False

Internal users of accounting information make the strategic and operating decisions of a company.

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Definitions:

Control

The power to direct the financial and operating policies of an entity with an aim to gain economic benefits from its activities.

PSAB Standards

The Public Sector Accounting Board (PSAB) standards are guidelines for financial accounting and reporting in the public sector in Canada.

Canadian Governmental Reporting Standards

Standards and guidelines for financial reporting specifically designed for the public sector in Canada.

OSC

The Ontario Securities Commission, a regulatory agency in Ontario, Canada that oversees the capital markets in the province.