Which of the Following Is Not a Short-Term Convergence Topic

question 45

Multiple Choice

Which of the following is not a short-term convergence topic that the FASB must address in order to eliminate the reconciliation of accounts prepared under different sets of standards of different countries?

• A) Segment reporting
• B) Accounting for income taxes
• C) Accounting for research and development costs
• D) Accounting for the impairment of assets

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Definitions:

Closing Entry

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.

Debit and Credit

Fundamental concepts in double-entry bookkeeping, where debits are entries on the left side of an account and credits are entries on the right.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, resulting in a net income or loss.