Which of the Following Accurately Reflects British Accounting

question 42

Multiple Choice

Which of the following accurately reflects British accounting?

• A) The company law in Britain is fairly narrow, because it only applies to companies listed on the London Stock Exchange.
• B) There is significant influence by the accountancy profession and the stock exchange as compared with Germany.
• C) The European Union has not had much of an influence on British accounting due to the primacy of the true and fair view.
• D) The Accounting Standards Board is funded and controlled by the Ministry of Trade and Industry rather than the independent profession.

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Definitions:

Custodian

An entity or individual responsible for safeguarding or managing someone else's property or financial assets.

Accounting Records

Documents and books that keep track of all financial transactions of an entity for the purpose of financial reporting.

Company Asset

Assets owned by a company, including both tangible and intangible resources, used in operating the business.

Internal Control

A process designed to provide reasonable assurance regarding the achievement of objectives related to operations, reporting, and compliance.