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.

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Definitions:

Blindness Of Involvement

A situation where individuals or parties involved in a process or decision-making are unaware of their biases or the full implications of their actions.

Carrot-and-Stick Tactics

A method of persuasion or motivation that involves rewards (the carrot) and punishments (the stick).

Social Contract

The social contract is a theoretical agreement within a society that outlines mutual rights and responsibilities between individuals and their government.

Yesable Proposal

A suggestion or offer designed to be acceptable to the other party in a negotiation, making it easier for them to agree.