The Body That Has the Responsibility to Set Generally Accepted

question 79

Multiple Choice

The body that has the responsibility to set generally accepted accounting principles in Canada is the:

• A) FASB.
• B) IASC.
• C) AcSB.
• D) OSC.

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Definitions:

Factory

A building or set of buildings where goods are manufactured or assembled chiefly by machine.

Ending Inventory

The cumulative worth of products on offer for sale when an accounting cycle ends.

Gross Margin

The gap between the income from sales and the expense of goods sold, represented as a proportion of sales income.

Net Sales

The revenue from sales of goods or services after deducting returns, allowances, and discounts.