Which of the Following Groups Does Not Issue Rules That

question 28

Multiple Choice

Which of the following groups does not issue rules that apply to accounting for income taxes?

• A)FASB.
• B)SEC.
• C)EITF.
• D)IRS.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that guide the preparation of financial statements globally.

General Ledger

The master accounting document providing a complete record of all financial transactions of a company.

Revenue Recognition

The accounting principle that determines the specific conditions under which income becomes recognized as revenue.

Statement

A financial report providing information about an entity's financial position, performance, or changes in financial position, which can influence economic decisions.