Which of the following statements about organizational forms of a business is not correct

LO 1.1: Describe various organizational forms and business decision makers

LO 1.2: Describe the purpose, structure and content of the four basic financial statements

LO 1.3: Explain how financial statements are used by decision makers

LO 1.4: Describe factors that contribute to useful financial information (US GAAP)

• FASB Codification - FREE Basic Access

  Get FREE access to the basic FASB Codification. Professional access is a paid subscription service.

• FASB (Financial Accounting Standards Board)

  The organization that establishes US GAAP Standards.

• Public Company Accounting Oversight Board (PCAOB)

  The PCAOB oversees the audits of public companies and SEC-registered brokers and dealers in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports.

• US Securities and Exchange Commission (SEC)

  The SEC enforces the securities laws to protect the more than 66 million American households that have turned to the securities markets to invest in their futures—whether it’s starting a family, sending kids to college, saving for retirement or attaining other financial goals.

LO 1.4: Describe factors that contribute to useful financial information (IFRS)

• International Accounting Standards Board

  The organization that establishes International Financial Reporting Standards

• Who uses IFRS?

  See the list of countries that use IFRS.

• Use of IFRS by Jurisdiction

  Many jurisdictions that maintain their own local GAAP claim that their local GAAP is "based on" or "similar to" or "converged with" IFRSs. In some cases the wording changes seem minor, and in other cases the wording is quite different. Sometimes, the jurisdiction's local GAAP is not in English. Often, not all IASs/IFRSs have been adopted locally. Often there is a time lag in adopting an IFRS as local GAAP. We are not in a position to compare national or regional GAAPs to IFRSs in detail. Therefore, this table only reports direct use of IFRSs in individual countries or regions. Direct use means that the basis of preparation note and the auditor's report will refer to conformity with IFRSs.

• iasplus.com

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• Global Journal of Management and Business Research: D

  Article: The Similarities and Differences between the Financial Reporting Standards under United States. GAAP versus IFRS By Prof. Edel Lemus, M.I.B.A., Carlos Albizu University, United States

LO 1.S1: Describe examples where accounting helps in pursuing other business careers

LO 1.S2: Describe the decision to become a public company and explain the implications for accounting

Which of the following is not needed in order for information to be considered a faithful representation?

Which of the following is typically considered a disadvantage of sole proprietorships?

Which of the following would not affect a company's net income?

What is a system that collects and processes financial information about an organization and reports that information to decision makers?