Question: Financial Statements are prepared by entities for economic decision making by
Answer: Stakeholders

Question: The primary objectie of harmonisation was
Answer: To break the barriers of national differeces in financial reporting across the globe.

Question: Which of these bodies is responsible for reviewing widely spread accounting issues that have to do with IFRS and IAS?
Answer: International Financial Reporting Interpretation Committee (IFRIC).

Question: In which of these countries does the goememnt administer financial accounting?
Answer: In code law countries.

Question: The umbrella body for accounting profession all oer the world is called
Answer: International Federation of Accountants.

Question: The first complete description of double entry bookeeping as used in Venice was
Answer: PacioliYs Summa

Question: One of these statements most appropriately describes the main madate of International Accounting Standards Board (IASB).
Answer: To formulate IFRS and enforce IASs without substitute in IFRS.

Question: One of these did not contribute to the delopment of international accounting standard.
Answer: Organised economy


Question: One of these is not suitable for measuring the performance of headquarters of MNC and its subsidiaries in host countries.
Answer: Transfer pricing

Question: At what stage in the development of accounting standards does complaints against a specific standard mostly arise?
Answer: Proposal stage