The Body in Australia Which Issues Legally Enforceable Accounting Standards

question 21

Multiple Choice

The body in Australia which issues legally enforceable accounting standards that apply to companies is:

• A) CPA Australia.
• B) Financial Reporting Council.
• C) Australian Accounting Standards Board.
• D) Australian Securities and Investments Commission.

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Definitions:

Trial Balance

A ledger balance sheet summarizing all accounts, showing equal totals for both credit and debit columns.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal.

General Ledger

A comprehensive record of all financial transactions that occur within a business, sorted by account.