Which of the Following Is True About the Standards for Publicly

question 36

Multiple Choice

Which of the following is true about the standards for publicly accountable enterprises in the CICA Handbook, Part I?

• A)The standards are similar to U.S. GAAP.
• B)The standards are adaptations of IFRS that have been tailored to Canadian circumstances.
• C)The standards are similar to ASPE.
• D)The standards are identical, word for word, to IFRS.

---

Definitions:

Debit Card

Cards that tap directly into the depositor’s bank account to fund purchases; also called a check card.

Checking Account

A bank account that allows the account holder to access funds, make payments, and manage transactions with ease.

Excess Reserves

Bank reserves in excess of the required minimum, which can be lent out or invested.

Total Reserves

The sum of all deposits, including cash, bank deposits, and investable assets, held by a financial institution or country.