What Organisation Is Responsible for Setting Accounting Standards in Australia

question 16

Multiple Choice

What organisation is responsible for setting accounting standards in Australia?

• A)Generally Accepted Accounting Principles (GAAP)
• B)Australian Accounting Standards Board (AASB)
• C)International Accounting Standards Boards (IASB)
• D)Financial Accounting Standards Board (FASB)

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Definitions:

Net Revenue

Refers to the total amount of sales a company generates after subtracting direct returns, allowances, and discounts.

Plant and Equipment

Plant and equipment are tangible assets used in the production or supply of goods and services, such as machinery, vehicles, and buildings, necessary for business operations.

Accumulated Depreciation

Sum of all depreciation expenses allocated to a fixed asset since it first became operational.

Mortgage Payable

A liability account showing amount owed on a mortgage.