The Accounting Standard Dealing with the Statement of Cash Flows

question 52

Multiple Choice

The accounting standard dealing with the statement of cash flows is:

• A) IAS 7/AASB 107.
• B) IAS 1/AASB 1001.
• C) IAS/19/AASB 1019.
• D) IAS 18/AASB 118.

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Definitions:

Personal Records

Personal records are documents or files pertaining to an individual's private life, including personal identification, financial accounts, health records, and employment details.

Generally Accepted Accounting Principles

A set of accounting standards, principles, and procedures that companies must follow when they compile their financial statements, ensuring transparency and comparability.

GAAP

Generally Accepted Accounting Principles; a collection of commonly-followed accounting rules and standards for financial reporting.

General Accounting Procedures

The standardized methods and practices used by accountants to prepare, present, and report financial statements.