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Test Bank for chapter 18 international accounting issues 6th Edition by Timothy Doupnik
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Test Bank for chapter 18 international accounting issues 6th Edition by Timothy Doupnik
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Test Bank for chapter 18 internationalaccounting issues 6th Edition by Timothy
Doupnik
the accountant is? - ANSessential at providing information to financial decision makers
accounting - ANSa company's controller collects and analyzes data for internal and external
users
the controller of an international company must be? - ANSconcerned about a range of issues
dealing with corporate strategy broader than just accounting issues
balance sheets for US companies are in this format: - ANSAssets=liabilities + SE
both the form and the content of financial statements are? - ANSdifferent in different countries
the accounting process? - ANSidentifies, records, and interprets economic events
the financial accounting standards boards (fasb) - ANSsets accounting standards in the US
the international accounting standards boards (IASB) - ANSIs an international private sector
organization that sets accounting standards
critical users of accounting information are - ANSinvestors, employees, lenders, suppliers, and
other trade creditors, customers, governments, and their agencies & public
convergence - ANSimplies that, through negotiations between the IASB and national standards
setters (such as the FASB in the US), were moving closer to having the International Financial
Reporting Standards
Generally Accepted Accounting Principles (GAAP) - ANSthe accounting standards accepted by
the accounting profession in each country as required for the preparation of financial statements
for external users
optimism & conservatism (in accounting) are the? - ANSdegree of caution companies exhibit in
valuing assets and recognizing income
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