Why Should There Be Universal Accounting Procedures

question 87

Multiple Choice

Why should there be universal accounting procedures?

• A) To allow for the international promotion of CPA
• B) To allow stakeholders to interpret and compare financial statements accurately
• C) To ensure conformity to U.S. standards of ethics
• D) To ensure all multinational firms report information accurately
• E) To prevent fraudulent business operations

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Definitions:

Recall

The act of retrieving information or memories from the past, with or without the use of an explicit cue.

Cognitive Processes

Cognitive functions related to the acquisition, analysis, and retention of information.

Cognitive Processes

Mental activities involved in acquiring, storing, retrieving, and using information, including perception, memory, thinking, and language.

Encoding

The process of converting information into a form that can be stored in memory.