Question

Match List-I with List-II:

List I	List II
(A) GAAP	Covers the recognition, measurement, presentation, and disclosure of accounting transactions
(B) ASB	Responsible for approval of accounting standards and their modification for applicability to companies
(C) IFRS	Refers to a common set of accepted accounting principles, standards, and procedures
(D) MCA	Responsible for developing International Accounting Standards

• (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
• (A) - (II), (B) - (IV), (C) - (III), (D) - (I)
• (A) - (III), (B) - (IV), (C) - (I), (D) - (II)
• (A) - (III), (B) - (IV), (C) - (II), (D) - (I)

Hint:

Understanding GAAP and IFRS is essential for global accounting practices

Answer 1

The Correct Option is C

GAAP: Standard accounting principles and guidelines.
- ASB: Responsible for approving and amending accounting standards.
IFRS: Deals with recognition, measurement, and presentation of financial information.