Which of the Following Statements Concerning Financial Reporting Is FALSE

question 39

Multiple Choice

Which of the following statements concerning financial reporting is FALSE?

• A)Accounting rules in the U.S.are called GAAP.
• B)Accounting rules developed by the IASB are called IFRS.
• C)Both GAAP and IFRS share the same goal which is to ensure useful information to users of financial statements.
• D)There are no differences between the accounting rules developed by FASB and those developed by IASB.

---

Definitions:

Introductory Psychology

A foundational course in psychology that provides an overview of various topics such as human behavior, cognitive processes, and emotional responses.

Intellectual Disability

A condition characterized by significant limitations in both intellectual functioning and in adaptive behavior, which covers a range of everyday social and practical skills.

Adult Supervision

The oversight provided by an adult, ensuring safety and guidance for children or those who cannot care for themselves.

Intrapersonal Intelligence

One of the multiple intelligences proposed by Howard Gardner, referring to the ability to understand one’s own emotions, motivations, and thoughts.