IFRS in international accounting generally stands for

Group of answer choices

International Fiscal Reporting Standards

International Financial Reporting Standards

Internal Financial Reporting Standards

International Future Report Setters

2. Some companies can be listed on more than one international stock exchange in different countries.

Group of answer choices

True

False

3. The concept of debit and credits all tend to be the same everywhere in the world. In places like the USA and the Bahamas for example, both with have accounting debits and credits.

Group of answer choices

True

False

4. In London on the consolidated balance sheet for Wellsley Pub (The best fish and chips place around), shows this when translated to dollars:

• Assets: $150,000
• Liabilities: $90,000

What is the organizations Owners Equity?

Group of answer choices

$60,000

$50,000

$40,000

$100,000

5. Accounting systems are the same everywhere around the world

Group of answer choices

True

False