Which of the Following Is Not a Responsibility of the International

question 3

Multiple Choice

Which of the following is not a responsibility of the International Accounting Standards Board (IASB) ?

• A)​To advise political bodies to enact legislation regulating international business.
• B)​To establish a single set of international financial reporting standards.
• C)​To achieve convergence of national accounting standards and IFRS.
• D)​All are objectives of the IASB.

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Definitions:

Credit Sales

Credit sales are transactions where the exchange of goods or services is made on the promise of future payment.

Cash Expenditures

Outflows of cash for expenses or investments, often tracked to monitor financial health and cash management.

Monthly Ending Inventories

The quantities and valuation of goods available for sale or use, recorded at the end of each month.

Budgeted Production

The estimated amount of goods that a company plans to produce in a certain period, used in planning and cost control.