Which of the Following Statements Correctly Identifies Accounting Standard Setters

question 74

Multiple Choice

Which of the following statements correctly identifies accounting standard setters?

• A) The AICPA promulgates accounting standards in the U.S. and the IFRS issues international accounting standards.
• B) The AICPA promulgates accounting standards in the U.S. and the IASB issues international accounting standards.
• C) The FASB promulgates accounting standards in the U.S. and the IFRS issues international accounting standards.
• D) The FASB promulgates accounting standards in the U.S. and the IASB issues international accounting standards.

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Definitions:

Year 3

Third year in a series, sequence, or timeline, often used in financial and analytical contexts to denote the third year of operations, performance, or analysis.

Comparative Balance Sheets

Financial statements that show a company's financial position at different points in time, facilitating analysis of trends and changes.

Year 1

Year 1 often refers to the first fiscal or calendar year of operation for a business or the initial year in a time series analysis.

Comparative Balance Sheets

Comparative balance sheets display the financial position of a business at different points in time, facilitating the analysis of trends over time.