Which of the Following Statements Is True Regarding Accounting Standards

question 124

Multiple Choice

Which of the following statements is true regarding accounting standards used in other countries?

• A)U.S.GAAP is used worldwide.
• B)IFRS are used by all countries.
• C)More and more countries are using IFRS.
• D)There are no plans to converge U.S.GAAP with IFRS.

---

Definitions:

Corporate Tax Rate

The percentage of a corporation's profits that must be paid to the government as tax.

Unemployment Rate

The percentage of the total labor force that is unemployed but actively seeking employment and willing to work.

Labor Force

The total number of people who are employed and unemployed but seeking work within an economy.

Participation Rate

The portion of earnings or benefits that an investor receives, often referring to the level of involvement in a profit-sharing arrangement or the extent to which individuals participate in a specific financial product or market.