Association of Chartered Certified Accountants (ACCA) Certification Practice Test

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Prepare for the ACCA Certification Exam with interactive quizzes and detailed explanations. Get a head start on your success with our comprehensive study tools.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What does IFAC stand for?

International Federation of Accountants
International Finance and Accounting Council
Internal Federal Audit Commission
Independent Federation of Accountants and Auditors

The correct answer is: International Federation of Accountants

IFAC stands for the International Federation of Accountants. This organization serves as a global organization for the accounting profession, dedicated to fostering the adoption and implementation of international standards. It plays a significant role in enhancing the integrity and relevance of the accountancy profession worldwide. IFAC focuses on various key areas such as public interest, development of the profession, and engagement with other relevant stakeholders to ensure high-quality standards of capability and ethical behavior among accountants. Its work is instrumental in promoting best practices and facilitating the convergence of accounting standards globally, which is essential for multinational businesses and investors who rely on consistent and comparable financial information. In contrast, the other options do not accurately reflect the scope or purpose of IFAC, as they describe organizations or concepts that do not exist or are misrepresented in this context. The terminology in the other choices lacks the official recognition and function associated with the International Federation of Accountants, further supporting that the correct choice is indeed A.