All of the following statements are true except one. Which statement is false?

A. The organization that formulates IFRSs is the International Accounting Standards Board.

B. Professional accountants are held to a high standard of ethical conduct

C. Bookkeeping is only a part of accounting

D. Users of financial information are limited to shareholders of the company.

Expert Solution

Option D is the false statement - "Users of financial information are limited to shareholders of the company".

This statement is wrong because the use of financial information is not limited to shareholders only. Financial information is also used by the following:

investors
management
suppliers
lenders
customers
Government

So the given statement is false.

Option A

The International Accounting Standards Board operated under the oversight of IFRS foundation develops and approves IFRS. So option A is a Correct statement.

Option B

Since the Accounting proffessional deals with very sensitive informations, they are held to a high standard of ethical conduct. So option B is a correct statement.

Option C

Bookkeeping is recording the financial transactions and activities on a daily basis. It is only a part of accounting processes.Accounting have a broader scope than bookkeeping. So option C is a correct statement.

From the above, option D is the only False staement.

ekkarill92 answered 2 years ago

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