The Body That Is Responsible for the Issue of Accounting

question 25

Multiple Choice

The body that is responsible for the issue of accounting standards in Australia is:

• A)The Australian Securities and Investments Commission.
• B)The Australian Accounting Standards Board.
• C)The Institute of Chartered Accountants in Australia.
• D)CPA Australia.

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Definitions:

Federalism

Federalism is a system of government in which power is divided between a central authority and constituent political units, such as states or provinces.

Governing Framework

The system of rules, practices, and processes by which a government is directed and controlled.

Full Faith

A clause in the U.S. Constitution (Full Faith and Credit Clause) requiring each state to recognize the public acts, records, and judicial proceedings of every other state.

Tenth Amendment

An amendment to the U.S. Constitution stating that the powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.