The Chapter 17 Reaching Beyond Our Borders Box Discusses the Future

question 24

Multiple Choice

The Chapter 17 Reaching Beyond Our Borders box discusses the future of international accounting standards.In summary,the message is:

• A)GAAP Generally Accepted Accounting Standards)created and established in the U.S.will be adopted worldwide by 2014.
• B)Accounting professionals do not see an immediate need to standardize accounting practices globally due to the fact that patents and other legal measures are not standardized.
• C)Due to the fact that global markets continue to rise in economic importance,the accounting field is working on integrating GAAP with IFRS International Financial Reporting Standards).
• D)It has been established that most U.S.accountants will refuse to acknowledge the IFRS standards because U.S.accounting firms mostly represent companies that do business domestically.

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Definitions:

Warning Coloration

Bright and distinctive patterns of color used by certain organisms to signal danger or unpalatability to predators.

Camouflage

Coloration or body form that helps an organism blend in with its surroundings and escape detection.

Competitive Exclusion

A principle stating that two species competing for the same resources cannot coexist permanently if their ecological niches are identical.

Character Displacement

A phenomenon where differences among similar species whose distributions overlap geographically are accentuated in regions where the species co-occur but are minimized or lost where the species' distributions do not overlap.