In 2009 Which Group Was Set-Up in the Asia-Oceania Region

question 56

Multiple Choice

In 2009 which group was set-up in the Asia-Oceania region as part of the establishment of global accounting standards?

• A) Group of 100
• B) Asian-Oceanian Audit-Setting Board (AOASB)
• C) International Accounting Standards Board (IASB)
• D) Asian-Oceanian Standard-Setting Group (AOSSG)

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Definitions:

Temporary Account Balances

Accounts that are closed at the end of each accounting period, including revenues, expenses, and dividends accounts.

Net Income

The net gain a company achieves after all operational costs and taxes are removed from its entire revenue.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts' balances to permanent accounts, thereby preparing the books for the next period.

Revenue Account

An account in financial accounting used to record income generated by a company's ordinary activities.