Which of the following is a true statement about International Financial Reporting Standards?
A: They are not needed for U.S. businesses since the United States already has the strongest accounting standards in the world.
B: They are more exact (contain more rules) than U.S. generally accepted accounting principles.
C: They are converging gradually with U.S. standards.
D: They are not being applied anywhere in the world yet, but soon they will be.
A: They are not needed for U.S. businesses since the United States already has the strongest accounting standards in the world.
B: They are more exact (contain more rules) than U.S. generally accepted accounting principles.
C: They are converging gradually with U.S. standards.
D: They are not being applied anywhere in the world yet, but soon they will be.
举一反三
- Which of the following is not true of U.S. agriculture? A: It is the most efficient in the world. B: About a third of the world's food exports come from U.S. farms. C: The use of modern farm machinery and agricultural methods has helped make U.S. farms the most efficient in the world. D: The number of farms in the United States has increased since 1925.
- Which of the following organizations is least likely involved with enforcing compliance with financial reporting standards A: Financial Service Authority (FSA). B: Securities and Exchange Commission (SEC). C: International Accounting Standards Board (IASB).
- Who issues International Financial Reporting Standards? A: The IFRS Advisory Committee B: The stock exchange C: The International Accounting Standards Board D: The government
- Which of the following statement is true? Statement A: Financial statements are prepared on the basis of accounting principles. Statement B: Any changes in the accounting principles or method will affect the utility of the financial statements. ( ) A: A is true but not B B: B is true but not A C: Both are false D: Both are true
- The<br/>Financial Accounting Standards Board has the responsibility for<br/>setting accounting and financial reporting standards for ( ) A: All federal and state<br/>organizations. B: All not-for-profit<br/>organizations that are nongovernmental and business entities. C: All not-for-profit organizations. D: Both B) and C) are correct.