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Choose the Appropriate Definition for the Terms Below

Question 140

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Choose the appropriate definition for the terms below.

Premises:
International Accounting Standards Board
Canadian Business Corporations Act
GAAP
Accounting Standards Board
publicly accountable enterprises
International Financial Reporting Standards
private enterprises
Canadian Institute of Chartered Accountants
Responses:
corporations that have issued shares in public markets
organizations that do not issue information used by the public
designates the CICA Handbook as GAAP
the group responsible for Canadian GAAP
set of standards used by public corporations
issues International Financial Reporting Standards
this group was established to oversee accounting and reporting standards for both Canadian companies and not-for-profits
professional guidelines followed by accountants

Correct Answer:

International Accounting Standards Board
Canadian Business Corporations Act
GAAP
Accounting Standards Board
publicly accountable enterprises
International Financial Reporting Standards
private enterprises
Canadian Institute of Chartered Accountants
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