Which of the Following Is (Are) Facts About Accounting and Bookkeeping

question 41

Multiple Choice

Which of the following is (are) facts about accounting and bookkeeping: (i) Both involve human judgment. (ii) Both require the use of information technology.

• A) i only.
• B) ii only.
• C) Both i and ii.
• D) Neither i nor ii.

---

Definitions:

IFRS

International Financial Reporting Standards, a set of accounting guidelines that govern how financial statements are prepared and presented globally.

GAAP

Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting used in the United States.

Receivables Accounting

The process of managing money that is owed to a company for goods or services that have been delivered but not yet paid for.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements globally.